This morning's employment report from the Department of Labor was better than expected, as 163,000 non-farm payrolls were added in July. Investors expected a gain of around 100,000. The unemployment rate upticked from 8.2% last month to 8.3%, but has shown little movement so far in 2012. Employment rose in professional and business services, food services and drinking places and manufacturing.
In July, the number of long-term unemployed (those jobless for 27 weeks and over) was little changed at 5.2 million. These individuals accounted for 40.7% of the unemployed. The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was essentially unchanged at 8.2 million in July. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.