After a steady stream of negative economic news, the Labor Department revealed some positive developments, as the unemployment rate dipped to 9.1 percent in July and employers added more than 114,000 jobs to their payrolls on a seasonally-adjusted basis.
According to the data processing company ADP and its national employment report, small businesses added 58,000 jobs compared to June, with medium and large companies amplifying their payrolls by 47,000 and 9,000, respectively. Sectors that lost jobs were goods-producing and manufacturing, down 8,000 combined on a month-to-month basis.
Gary Butler, CEO of ADP, said the numbers are indicative of improvement, but more is needed if the economy is going to regain its strength.
This employment report "shows modest job creation for the month of July at a rate of half what is needed for meaningful employment and economic recovery," said Butler. "Construction lost 11,000 jobs this month and manufacturing and financial services were nearly flat with losses of 1,000 each."
Joel Prakken, chairman of the economic forecasting company, agreed, saying the rate of hiring has steadily decreased since February.
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