According to a report from the Bureau of Labor Statistics, the national unemployment rate declined from 7.6 percent to 7.4 percent over the course of July 2013, representing the lowest recorded statistic for unemployment since December 2008. For many individuals searching for finance careers, entry level finance jobs, or other employment opportunities, now seems to be the time to pull the trigger on sending off your latest application.
However, response among economists was more tempered, in light of other findings. While hiring rates continued to climb, the rate of their increase slowed. Also, the decline in the jobless rate correlates with a drop for the amount of Americans currently engaged with the workforce, somewhat softening the positive spin coming off the statistics. Speaking to Reuters, Gordon Charlop, managing director at Rosenblatt Securities, noted that the continuing dips in the unemployment seemed to be slowing down toward a standstill.
The report also made changes to findings recorded for May and June, reporting that 26,000 fewer jobs were created in that timeframe than had previously been estimated, further driving discontent among financial workers and economists.
A positive sign for the economy?
However, despite the downward spin, Alan Krueger, writing for the White House website's blog, reports that the statistics point toward good news for the economy during the second half of 2013. Krueger is the chairman of the Council of Economic Advisers.
"While more work remains to be done, today's employment report provides further confirmation that the U.S. economy is continuing to recover from the worst downturn since the Great Depression," he wrote. "It is critical that we remain focused on pursuing policies to speed job creation and expand the middle class, as we continue to dig our way out of the deep hole that was caused by the severe recession that began in December 2007."
However, Krueger continued on to argue that government sequestration was continuing to put a strain on the nations finances, and would continue to do so into the future.