Unemployment Rate Rises To 8.3 Per Cent
The unemployment rate rose slightly to 8.3 per cent last month as the number of job-seekers grew by 45,000, according to statistics released by the Labor Department today.
Faced with the bad news for the economy, President Obama was today forced to admit that there are too many people out of work and vowed to do more on their behalf. However he also pointed to the continued growth of the private sector, which created 163,000 new jobs in July – the most in five months .
Mitt Romney and Republicans jumped on the figures calling them a ‘hammer blow’ to middle class families as the new jobs failed to offset a growing number of Americans out of work. High unemployment could dash President Obama’s re-election hopes as no president since World War II has faced a re-election campaign with unemployment over 8 per cent.
The stock market has reacted positively to the news with stocks surging – as economists had predicted only 100,000 jobs would be added in July. Stocks rose sharply in midday trading. The Dow Jones industrial average added 247 points to 13,126, while the broader Standard & Poor’s 500 index rose 28 points to 1,393.
Romney says Americans deserve better than an unemployment rate that stays stubbornly stuck above 8 per cent.