163,000 Jobs Added in July; Unemployment Hits 8.3%

WASHINGTON, DC-The US economy added 163,000 jobs in July, an increase from the past few sluggish months, but not the benchmark that many economists would like to see the economy meet—that is, more than 200,000 jobs a month. The US Labor Department also reported that the unemployment rate rose to 8.3% from 8.2% the previous month.

Still, despite the disappointment that hiring is not matching levels seen at beginning of the year, July was the best month the economy has had this year since February. On average, the US economy has added about 151,000 jobs every month. “Today’s employment report was a nice upside surprise,” Scott Homa, Jones Lang LaSalle’s research director, tells GlobeSt.com. “Demand for commercial real estate is a clear derivative of employment growth, so the job gains should translate into healthy demand levels for space.” Although the unemployment nationally remains at elevated levels, he adds, certain national markets like Washington, DC and Boston continue to outperform the country, helping to reinforce the stability of these markets.