WASHINGTON (8/5/13)--U.S. employers added 162,000 jobs in July--fewer than anticipated--with gains fronted by lower-wage positions, the Labor Department said Friday (The Wall Street Journal and The New York Times Aug. 2).
Job additions were mostly in food services, financial activities, retail and wholesale trade, the department reported. While the manufacturing sector added 6,000 jobs, government job growth remained flat.
Although July was the 34th consecutive month of job creation, the most recent employment gains are not on pace to mitigate a glut of unemployed workers anytime soon, the Times said.
It would take more than seven years to close the "jobs gap" from the recession, based on the average job-growth rate thus far this year, according to the Hamilton Project at the Brookings Institution, the Times added.
Once Congress's most recent across-the-board budget cuts have filtered through the economy by the end of the fiscal year on Sept. 30, the pace of hiring should increase, some economists said.