Friday's employment report showed a loss of 247,000 jobs in July,versus an estimate of 275,000.There were 14.5 million jobless,for a rate of 9.4%,versus June's rate of 9.5%.Average hourly wages rose 0.2%,while July's average workweek was 33.1,versus 33.0 for June.Non-farm payrolls showed the smallest decline since August of 2008,and the May-June losses were revived downward.Every measurement showed an economy in a slowing descent.
Hilda Solis,U.S. Labor Secretary,said as long as we see job loss,it's gonna be a problem.I wouldn't say the recession is over,she remarked.We're certainly on track to stabilizing the patient.The patient is still sick.The patient still has a fever.We know that we still have to be vigilant.We're gonna be very cautious.We want to move forward with our recovery plan.
The president has made an investment in renewable energy,health care and IT,such as two billion dollars for weatherization efforts,Ms.Solis noted.You're going to see a big change over the next few years in job creation in renewable energy.Tax breaks are going to come along.It's gonna take a while,but I have a lot of optimism that there's gonna be a change in direction,Secretary Solis stated.
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