New Jobs Report Bodes Well For Economy, Analysts Claim

New Jobs Report Bodes Well For Economy, Analysts Claim (Credit: Poco a poco)

The good-news/bad-news came in rapid succession as the close of this week, with a new jobs report pointing in a slightly positive direction, even as Wall Street had one of its wildest weeks in several years.

According to a government report, the U.S. job market in July added 117,000 jobs, brining the national unemployment rate from 9.2 to 9.1 percent. Although the numbers may have showed a relatively small change, the report was considered good news for the Obama administration, which has seen most all economic news this summer be worse than expected. The report capped a week that began with what-could-be-called a resolution to the debt-ceiling debate.

“We have to create more jobs than that each month to make up for the more than 8 million jobs that the recession claimed,” Obama said during a speech, according to Fox News. “We need to create a self-sustaining cycle where people are spending and companies are hiring and our economy is growing, and we know that will take some time.”

The news will undoubtedly do little to lessen the contention of the ongoing debate about why there is a lack of jobs, and whose fault it is.

“As another month of dismal job growth passes and worldwide market panic intensifies, politicians in Washington continue to act as spectators to our great nation’s economic freefall. We can and must do better,” said SEIU International President Mary Kay Henry, reported Fox News. “Instead of killing jobs with more cuts, we need politicians to end the tax giveaways and loopholes for CEOs and big corporations — and use that money to invest in jobs that allow our families to realize our own, new American Dream.”

Obversely, the 2012 GOP presidential candidates certainly did not pass up any opportunities to lay the bad economy on Obama.

“Today’s unemployment report represents the 30th straight month that the jobless rate has been above 8 percent,” said Mitt Romney, who is considered the frontrunner for the nomination. “The administration promised with their $800 billion stimulus that they would keep unemployment below that number. When you see what this president has done to the economy in just three years, you know why America doesn’t want to find out what he can do in eight.”

A variety of factor likely contributed to the wild week on the Wall Street, including the overseas markets. On Thursday, the Dow Jones dropped 513 points amid a massive sell-off. It was the most striking decline since late 2008, when many analysts predict the current crisis began. As of press time Friday, the market was fluctuating wildly between highs and lows.