New Hiring Is Weak: Jobless Rate Still 9.5%

Private employers added new workers at a weak pace for the third straight month, making it more likely economic growth will slow in the coming months. The jobless rate was unchanged at 9.5%. The Labor Department said companies added a net total of 71,000 jobs in July, far below the roughly 200,000 needed each month to reduce the unemployment rate.

Overall, the economy lost a net total of 131,000 jobs last month, but that was mostly because 143,000 temporary census jobs ended. Stock futures fell after the report's release. Futures for the Dow Jones industrial average were up 30 points before the announcement, but are now down 70 points. (More unemployment rate stories.)