Jobs grow in July, but unemployment rises

The U.S. economy added 163,000 jobs in July, making it the best month for growth since February.
Still, according to figures from the Labor Department, the unemployment rate rose to 8.3 percent (rounded up from 8.254 percent). July is the 41st month that the unemployment rate has stayed above 8 percent.
"Politically, these numbers are a jump ball," says Current's "Viewpoint" host Eliot Spitzer. "The White House will point to 163 net jobs created, the Romney campaign will point to an uptick to 8.3 in the overall unemployment rate. The reality is that we’re in a period of tepid growth with no immediate reason to presume that it will change in the near future."

Austan Goolsbee, former chairman of the Council of Economic Advisers under Obama, analyzes the employment figures for July on "Viewpoint."

Employment for May and June was also adjusted to show that 6,000 fewer jobs were created than were originally reported.
The gloomy outlook could be even gloomier. There remains considerable debate over whether the official figures tell the entire tale of unemployment and underemployment in this country. Some experts argue that the actual unemployment rate could be as high as 15 percent.
"The larger measure of unemployment, U6, ticked up to 15 percent," Spitzer says. "So while the private sector is growing, it is at a pace that is insufficient to generate any genuine middle class wealth in the near term. That is the concern that people should have."
Presumptive GOP nominee Mitt Romney called the figures a "hammer blow" to the middle class.
"Middle-class Americans can do better, and I believe America can do better," the candidate said in a statement.


Speaking on middle-class tax cuts at the White House today, the president hailed the report as a mixture of good and bad news.
"We knew this would take some time," Obama said.



So people...What's your take on this?