A day after Wall Street posted its worst losses in nearly three years, the Labor Department announced that the unemployment rate has dipped to 9.1 percent as hiring picked up slightly in July, an encouraging statistic that quiets fears that there could be another recession. The Labor Department reported that employers added 117,000 jobs last month, which is better than both May and June. “[The announcement] should lessen fears that the recovery is truly faltering,” Jim O’Sullivan, chief economist at MF Global said.
To truly reduce unemployment the nation must double the number of net jobs per month. Since the recession officially ended in 2009, the unemployment rate has topped nine percent every month except two.