U.S. economy added 163,000 jobs in July, a faster-than-expected pace, but the jobless rate rose
- Jobs growth in Labor Department's latest report exceeded private economists’ consensus forecast for a 100,000 jobs gain.
- The unemployment rate rose to 8.3 percent in July from 8.2 percent in June.
- The pace of growth still not strong enough to bring down the unemployment rate over time.
- The report could give President Obama a slight boost on the campaign trail. Republican Mitt Romney has hammered Obama over recent lackluster jobs growth and an anemic pace of economic expansion.
- Economists still split over whether the Federal Reserve to adopt a new round of monetary stimulus in September and latest figure does immediately clarify what the Fed will do.