After the Draghi’s drag, deciding not to take any immediate action to stop the euro bleeding, markets are digesting a very awaited yet not so bright U.S. job report. It was the best data in five months -July was the best hiring month since February- but still not sufficient to reassure.
America added 163,000 nonfarm payroll jobs in July, the Labor Department said (compared to a revised 64,000 jobs in June) but we can also add a rise in the unemployment rate and the exodus of 150,000 people from the workforce. The private sector expands by 172,000 positions, up from 73,000 in June. The rate ticked up to 8.3% from 8.2%.
Some described this job report as a “good news, bad news” one for president Obama. In the race for his re-election to the White House, his aides can point to the employment creation, higher than expected in February, although Republicans can also attack him on the increased jobless rate. As Americans like to repeat, no U.S. president since World War II has faced re-election with unemployment over 8 percent.