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The U.S. created 117,000 jobs in July, more than the 85,000 economists expected. The Labor Department reported that the unemployment rate dipped to 9.1% from 9.2% in June, although economists said that improvement was mainly a result of people leaving the labor force.

The payroll count for May and June was revised upward by a total of 56,000 jobs. However, reported MarketWatch, the jobless rate has been above 8% for 30 straight months, the longest stretch of high unemployment since the Great Depression of the 1930s. Also, July's new hiring wasn't even enough to absorb the natural increase in the labor force, or 125,000 jobs monthly.

The stock market rejoiced at the news, rallying sharply in initial trading following yesterday's (Aug. 4) bloodbath.

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