Signs Of Life

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Friday, August 5, 2011 - 9:54am

Better than expected jobs report eases fears after Thursday's Wall Street plunge.

July's unemployment report is better than the month before, and better than predicted.

117,000 new jobs were added and extra 56,000 were underreported in May and June.

That brought the new unemployment rate down slightly to 9.1 percent.

"We're not out of the woods yet, but this is a good sign," says Moody's Analystics chief economist Mark Zandi.

Earnings are up almost half a percent, too.

It's hope for millions of Americans still looking for work.

This morning President Obama will pitch tax credits for businesses that hire a million unemployed veterans.

"The President believes that the economy will continue to grow, that the economy will continue to create jobs, and that we need to do everything we can to enhance that growth and enhance that job creation," says White House Press Secretary Jay Carney.

The positive jobs data followed a brutal Thursday on Wall Street.

The Dow took a 500-point nosedive, the worst since the 2008 financial crisis.
 

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