And the unemployment rate dropped to 9.4%.
This is pretty significant for a few reasons.
First, there’s just the psychological effect of 10% unemployment.
The media had been positioning that as the dreaded magic number and now it appears that we’ll never reach it.
Second, economists projected 325,000 job losses for July, so coming in 80,000 below is incredibly encouraging.
Third, we lost 545,000 jobs in April, 532,000 in May, 443,000 in June, and now 247,000 in July.
Obviously we’re headed in the right direction.
