Jobs Recovery Marches On At Slower Pace

The U.S. economy added 209,000 jobs in July, the Bureau of Labor Statistics reported Friday, August 1, 2014.
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NEW YORK (CNNMoney) -- The jobs recovery marches on, albeit at a slightly slower pace.

The U.S. economy added 209,000 jobs in July, the Bureau of Labor Statistics reported Friday.

That's down from 298,000 jobs added in June, and below forecasts of 230,000 jobs from economists surveyed by CNNMoney.

Meanwhile, the unemployment rate ticked up to 6.2% in July, from 6.1% in June.

This recovery has been a long, slow haul, but it now seems to be hitting its stride.

About 8.7 million American jobs were wiped out in just two years following the 2008 financial crisis. The economy finally gained them all back earlier this year.

Economists hope the strong hiring will continue at a pace fast enough to make up for population growth during those years of deep job losses, and draw some job market dropouts back into the labor force.

As of July, only 62.9% of U.S. adults over age 16 either had a job or were looking for one. That percentage -- known as the labor force participation rate -- is still near its lowest level since the late 1970s. That partly reflects baby boomers retiring, as well as ongoing weakness in the job market.

And many Americans still think the economy is not fully recovered. According to the results of a CNN/ORC International poll released Friday, 41% of people surveyed rate the economy as "good", while 58% rate the economy as "poor."

But even at just 41%, it is the highest percentage of Americans with a positive view of the economy since the recession officially began in December 2007.

59% of the "Civilian Labor Force" is currently employed, down from the historic high of 63.7 in 2001. This represents 92,000,000 not in the labor force.

If you want to read the BLS numbers CLICK HERE

Posted by Greg Palmer