The U.S. economy added 163,000 non-farm payroll jobs in July, but the unemployment rate inched upward to 8.3 percent from 8.2 percent, according to data released today by the U.S. Bureau of Labor statistics. The higher unemployment rate despite more jobs is due to more people entering the work force.
The indication of a painfully slow economic recovery brought familiar charges from Mitt Romney, the presumed Republican presidential nominee, that the Obama administration is to blame. Meanwhile, the Obama administration noted that Congress has not acted on several executive proposals to stimulate the economy.
The New York Times points out that the economy actually produces as much now as it did in 2007, prior to the recession. But there are five million less American jobs today than five years ago.