8-3-2012- More jobs in the month of July but apparently there is more people out of work. The Labor Department came out with its monthly jobs report this morning. The agency said 163,000 jobs were added in the month, above the average economist estimate of 100,000.
However, the unemployment rate rose to 8.3% showing more people are out of work despite the addition of jobs. Many economists believe the reason employers aren't hiring is for fear of deep government spending cuts and higher taxes that could begin in 2013.
This report comes after both the U.S. Federal Reserve and the European Central Bank said they will hold interest rates steady and wait to asses the world economic situation. The Fed meets again in September to discuss a possibility of more measures to stimulate the economy.