Transcript for Hiring Picks Up, But Unemployment Rises
They feel about this Friday August 3 hello everyone I'm meg Oliver in New York. -- some breaking news this morning a -- of surprises in the July jobs report. Hiring is up sharply but the unemployment rate has also risen joining me now to discuss the report and the rest of the top business headlines has -- -- -- The co host break out on our partner Yahoo! finance good morning thanks for being here. Glad to be here make things me so let's start a jobs report 163000. New jobs added in July but at the same time at the unemployment rate rose from eight point 2%. 3% so are we looking -- good news or bad news here. Well it's it's good in that it's not bad right so that the absence of bad as could as we as we -- a Wall Street men much better. Then economists had been looking for so what's the best one month gain that we've seen since February it's -- said trough that three month. Slump that we had seen below 100000. Jobs created which is still. Well below that needed just to tread water to keep up with the population growth so a 163000. Is a good number it's not a great number but -- you take a look a little bit deeper into the report -- guys like me like to do when you look at that. Official unemployment rate at eight point 3% now that's inched up a little bit. It then you add in some of the people that they back out to try to clean up that number and the so called U six number which includes pretty much everybody is even wants a job and that number's up to 15%. I also look at what's called the participation rate which is kind of reflective of that latter number and that has fallen to a thirty year low. Inching down yet again people dropping out of the work force. About 13 of the able bodied people of our civilian labor force -- could be working. Are not right now that's about 88 million people even though the official unemployed. Is only about twelve point eight million so it's definitely a good. Number on the headlined. But it's okay and you look at and on the back burner the work week was flat the Al which hourly earnings were just down just to tick. Or offered to excuse me but less than expected so all in all the markets like it. And we'll see what it does in terms of its effect on the psychology. Of Ben Bernanke and those -- the Federal Reserve. I want but these numbers there -- they weren't -- different from the estimates we are hearing I was several insofar mark. Well you know we -- that strong private payroll report earlier in the week and that's really what we saw here today is again some of these higher -- And particularly some of the layoffs said that we've seen the weekly unemployment rate not to be confused with the monthly jobs report. Has been very lumpy lately what we're in line with -- -- -- is normally the scheduled plant closures of the auto industry tens of thousands of people again mind you we're talking about a 163000. Jobs. You know work force that's over 255. Million people so it seems like you're off by a lot by if the consensus -- -- a 100000 Iraq by 60000. -- in the great scheme of things it's really -- rounding error in these numbers. As they go forward tend to get -- we did see both -- may and June numbers getting revised higher and lower as well. Okay now as you mentioned this could have a positive impact on the markets right now -- the big board is showing that. The markets -- up about a 170 plus what do you make of that right now. Well here's the deal I'm looking at a derby -- I look at the S&P 500 probably more than the -- that -- going into today we are down about one and a half percent a week to day basis of these. Step back just five days. You say can we get back can we put a positive week in the books -- technical analysts are going to be looking that some resistance we've had. You know choppy markets here lately were trying to go higher we had to. Bland if you will Central Bank meetings with the US in Europe this week we got through the payrolls and now we're gonna move on to other -- so it's a good numbers -- good numbers to build the base -- build a story and so we need to see this market. Break -- higher get positive on the week and they carry that on into next week as well. -- -- -- -- -- Procter & Gamble is that with you know their earnings this morning how they did is it tells anything about. The larger economy. By. I guess you know I mean this is them a global company one of the most global companies multinationals if you will so there are -- -- by. Foreign exchange currency was certainly pronounce as it has been in all the international companies earnings their revenues. Actually missed by just -- -- they were down about one point 2%. But their top line they -- the bottom line excuse me they managed well they came in well ahead of expectations there in the stock. Is trading higher. They're just dealing -- -- not so much with of four Ericsson and weak economic issues but there are always looking for organic growth and trying to find the right price point to have their products sell in you know -- -- hundred plus. Different markets so Procter gamble coming out with a good quarter but they are under going and going through quite a a process of turnover of reinventing all the while. Under the microscope of an activist shareholder known as bill Blackman who's taken a big stake in the company and sort of breathing down their -- a little bit. All right Matt thank you so much and let's take one more look at the big board -- -- taking a look at the -- -- positive territory this morning. And in the week up right now at about 177. Points at messed up from -- finance thanks so much for being here have a good weekend YouTube.
This transcript has been automatically generated and may not be 100% accurate.