U.S. economy added 117,000 jobs in July

Story from The Takeaway. Listen to audio above for full report.

The U.S. economy added 117,000 jobs in July, lowering the unemployment rate to 9.1 percent. The new figures from the Bureau of Labor Statistics bring a flicker of optimism to the markets after the worst day on Wall Street in three years.

The European debt crisis conflated with fears the U.S. may be entering another recession has lead to a violent investor sell off around the world. Asian markets all closed down around 4 percent, and U.S. futures have been volatile this morning.

Louise Story, Wall Street and finance reporter for The New York Times, says while job figures are better than expected, “they’re not great.”

“We still have 9.1% unemployment, and 117,000 jobs added is not enough each month to really turn the situation around,” she told The Takeaway.

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“The Takeaway” is a national morning news program, delivering the news and analysis you need to catch up, start your day, and prepare for what’s ahead. The show is a co-production of WNYC and PRI, in editorial collaboration with the BBC, The New York Times Radio, and WGBH.