Unemployment Rate Rises for June

The unemployment rate has once again risen to 9.5% in July. A larger concern however is the decrease in work-week hours from 33.1 to 33 hours per week indicating that Americans are under-employed indicating reduced wages. People may not be losing their jobs, but they are losing their income with reduced work week hours. On the flip side, the government report showed fewer jobless claims at just over 6.7 million people. The morning’s markets started off on a lower note on this economic news.