Some good news on the job front: 163,000 jobs were created in July, although the unemployment rate ticked up from 8.2 percent in June to 8.3 percent last month. So far this year, employment growth has averaged 151,000 per month, roughly the same as in 2011, according to Department of Labor data released this morning (click on chart to expand).
The big rise in jobs—many analysts expected 100,000 jobs or fewer would be created in July—is a good step toward economic recovery. But the July data also include several indicators showing difficulties in recovering gains lost since the recession. For instance, long-term jobless workers—those without work for 27 weeks or more—continue to see little change, with 5.2 million remaining unemployed. They account for 40.7 percent of jobless workers.