Jobless Rate Remains Unchanged In July

The latest unemployment statistics reveal that, despite analysts' projections of growth, July's jobless rate held steady at 9.5 percent.

A total of 71,000 jobs were added to the economy by the private sector, but this figure is still well below what was expected. Overall, the economy saw 131,000 jobs lost during July. Despite a loss of jobs, the most recent unemployment figure does not take into account the number of Americans who may have stopped searching for employment.

According to Labor Department Secretary Hilda Solis, the government is still enthusiastic that the economy is turning around, which will spark job growth.

"At the end of 2008, the economy was shrinking at a rate of 6.8 percent - a freefall that risked turning a recession into a depression. But because of the strong and immediate action President Obama and Congress took, that didn't happen. Instead, last week, we learned that our economy now has grown for four consecutive quarters. Economic growth is a prerequisite for job growth."

The government is continuing to work on debt relief initiatives for jobless Americans, such as unemployment and foreclosure prevention assistance programs.