While there is still a lot of pain out there, this is better news. The U6 also dropped from 16.5 to 16.3%. Also, an increase of hours worked is reported.
Stimulus is starting to work and will continue to spur investments and innovation into 2010.
This is unexpected great news (and not for John McCain).
It's going to help Obama greatly in the HC debate. Democrats plans work. That will be the message that is going to be said over and over again now.
Just for some perspective, a loss of 275K jobs is less than we had during 5% unemployment. It's a great number given where we were in January.
Nonfarm payroll employment continued to decline in July (-247,000),
and the unemployment rate was little changed at 9.4 percent, the U.S.
Bureau of Labor Statistics reported today. The average monthly job
loss for May through July (-331,000) was about half the average
decline for November through April (-645,000). In July, job losses
continued in many of the major industry sectors.
Household Survey Data
In July, the number of unemployed persons was 14.5 million. The
unemployment rate was 9.4 percent, little changed for the second
consecutive month. (See table A-1.)
Among the major worker groups, unemployment rates for adult men (9.8
percent), adult women (7.5 percent), teenagers (23.8 percent), whites
(8.6 percent), blacks (14.5 percent), and Hispanics (12.3 percent)
were little changed in July. The unemployment rate for Asians was 8.3
percent, not seasonally adjusted. (See tables A-1, A-2, and A-3.)
http://www.bls.gov/...
This is the best economic news for President Obama in a while. Yahoo!