US unemployment rate dips in July

The Labor Department has revealed the unemployment rate in the US dipped in July to 9.1%, down from 9.2% in June.

The world’s largest economy created 117,000 jobs last month – much better than forecasts.

Analysts had been expecting an increase of 85,000, while the unemployment rate was expected to remain at 9.2%.

Manufacturing, retail, health care, hotels and restaurants all created jobs but the Government cut 37,000 jobs.

However, 23,000 of those were attributed to a temporary closure of Minnesota’s state Government which meant staff did not get paid that month.

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