US unemployment falls...to 10.2pc

US recovery starts

The US economy added a better than expected +1.8 million jobs to nonfarm payrolls in July.

This follows on from +4.8 million in June, and +2.7 million in May.

So about half of the jobs lost have been recovered.

But employment is still -12.9 million or -8.4 per cent below where it was in February.

The unemployment rate fell 0.9 percentage point to 10.2 per cent, in part due to lower participation.

The long road to recovery has been underway for 3 months, but there is a long, long way to go.

There will be more as ever from James Foster here as well as n his unreal Twitter feed!).