Slight Work!

Before he travels to Massachusetts, the president was handed some bad news. Edward Snowden eludes authorities, the jobs report, and his job approval. All of this happens before he celebrates his 52nd birthday. 

Today, job numbers of the month of July provided a modest amount of jobs. Not enough to move the needle further down but enough to be satisfactory.

The U.S. Labor Department report that the month of July had hiring jobs at 162,000. 

This will drop the unemployment number to 7.4%.

In order to get a stronger economy, the U.S. job market must produce over 200,000 jobs a month in order to provide a better outlook of our economy.

Also with weak hiring in the service industry it assures that the greedy continue to punish the workers. With the healthcare law going into effect, many industries are forcing labor cuts. The cuts on labor start with dropping part time workers to less than 30 hours of work. Then it forces the worker to find secondary jobs to accommodate to paying off debt, bills and loans.

Congresswoman Nancy Pelosi (D-California) and Congressman John Boehner (R-Ohio). These two are high ranking leaders of the House of Representatives. Boehner is the current Speaker of The House. He replaced Pelosi as the speaker in 2011. During his tenure, the 112th and 113th Congress has been ranked on the worst in history.

Congress is off for its summer recess, leaving behind a mountain of legislation that may be scrapped by the time of the U.S. Midterm elections. The president's agenda includes gun control, immigration reform, and a jobs package. Not to mention the raising of our debt ceiling and fiscal budget for the next session.

We're in a sequester and the federal agencies are cutting back due to the ineptness of lawmakers.

Congress overall job approval is at 14%.

President Barack Obama's job approval is at 43%.

CNBC's Jeff Cox reports this bit of news as another "so-so" moment in job growth.

[Where as the] broader gauge of unemployment that includes the underemployed and those who have quit looking for work also fell, from 14.3 percent in June to 14 percent in July: This hasn't move the needle for a steady pace in job growth.

"Today's jobs data is terrifying for Main Street," said Todd M. Schoenberger, managing partner at LandColt Capital in New York. "Despite the proactive actions from the Fed and stimulus help from Capitol Hill, the labor market remains stuck in quicksand. For Wall Street, however, this is terrific news."

Senator Mitch McConnell (R-Kentucky) and Senator Harry Reid (D-Nevada) have often clashed over legislation and the president's nominees. McConnell is the current Minority Leader of the Senate. Reid is the current Majority Leader. McConnell is an embattled politico. He has to face an onslaught of opposition from the Democrats and members of the Tea Party who are willing to force a Republican primary against him. The Senate has passed immigration reform but killed off a background check law for firearms.

Most of the job creation came on the low end—in the retail trade and hospitality industry of bartenders and wait staff, with respective gains of 47,000 and 38,000.

Professional and business services also added 36,000.

Previous months' job creation numbers were revised lower, bucking a trend in which the counts mainly have been taken up.

The BLS now puts May job growth at 176,000 from the previously reported 195,000, while June's figure fell to 188,000 from 195,000.

At the same time, long-term unemployment rose, with the average duration of joblessness now at 36.6 weeks.

And wage growth fell: After rising 10 cents an hour last month, average wages fell 2 cents to $23.98 an hour, while the average work week decreased by 0.1 hours to 34.4 hours.

The jobs number is a critical metric for Federal Reserve decision-making.

The U.S. central bank has pegged a 6.5 percent unemployment rank for one of two benchmarks that will signal it's time to start normalizing interest rates.

However, a steady move lower also would push the Fed toward pulling back on the $85 billion a month bond-buying program known as quantitative easing.

"The self-sustaining trend in employment growth is likely strong enough to allow the Federal Reserve to begin tapering its quantitative easing by the end of the year," said Kathy Bostjancic, director of macroeconomic analysis at The Conference Board.

Prospects of a QE tapering helped send markets into a selling frenzy in late May, but that has abated and stock market indexes have reached new highs as investors became convinced that a rate increase is still a long way off.

In addition to a falling jobless rate, the Fed is looking for inflation to increase to 2.5 percent.