Aug 5, 2011

U.S. Posts Stronger Job Growth in JulyBy Motoko RichNYTimes.com

New York, NY – The United States economy continues on a wobbly course, but there was a momentary sigh of relief on Friday as the government reported that employers added 117,000 jobs last month, slightly more than expected. Jobs Private Rate

While hardly robust enough to produce a substantial change in the employment picture, the jobs growth calmed investors who feared that the stock market plunge on Thursday might pick up speed if the number had signaled a worsening of the already weak economic outlook.

Hours after the market closed, however, the economy was dealt a new blow when Standard & Poor’s downgraded the United States credit rating to AA+, from AAA. The move reflected the agency’s growing concern over the high level of federal debt.

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