Hiring Rate Weak for 3rd Straight Month

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The month of July brought a slow hiring rate for the third straight month, according to the U.S. Labor Department.

The July unemployment rate was 9.5 percent which is the same as in June.

The economy lost a net total of 131,000 jobs last month, as 143,000 temporary census jobs were cut.

However, private employers only added 71,000 jobs. That's far below the 200,000 new jobs needed each month to bring the unemployment rate down.

The department also added that businesses hired few workers in June than it had previously estimated. July's private-sector job gains were revised down to 31,000 from 83,000. Job gains in May were revised slightly to show 51,000 net new jobs, from 33,000.

Regardless if hiring picks up, it will take years to make up for all the lost jobs during the recession. The economy lost 8.4 million jobs in 2008 and 2009.

So far this year, private employers have added only 559,000 jobs.

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