Unemployment Rate Remains Flat In July; Total Nonfarm Payrolls Drop More Than Expected

According to a report released by the Labor Department, the unemployment rate remained flat at 9.5% during the month of July. According to the US Labor Department, the US economy shed 131,000 jobs in July as there was not enough employment in the private sector to compensate for the loss of government jobs. While the private sector added only 71,000 jobs last month, 143,000 temporary workers working on the 2010 consensus were let go. Economists had projected a drop in the total nonfarm payrolls in July by 60,000, while expecting jobless rate to edge higher to 9.6%. Read more