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Job numbers jump in July - but is it the whole story?




SAN FRANCISCO, CA - NOVEMBER 09:  Job seekers wait in line to enter the San Francisco Hire Event job fair on November 9, 2011 in San Francisco, California.  The national unemployment rate dipped this past month to 9 percent in October after employers added 80,000 jobs.  (Photo by Justin Sullivan/Getty Images)
SAN FRANCISCO, CA - NOVEMBER 09: Job seekers wait in line to enter the San Francisco Hire Event job fair on November 9, 2011 in San Francisco, California. The national unemployment rate dipped this past month to 9 percent in October after employers added 80,000 jobs. (Photo by Justin Sullivan/Getty Images)
Justin Sullivan/Getty Images

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A new Labor Department report shows the nation created more than 160,000 jobs in July - a big jump from previous months, and more than economists expected.

Wall Street reacted positively - Friday morning the Dow was already up by more than 250 points.

But, these jobs numbers don't really tell the whole story and could be giving a distorted view of the economic recovery.

To help understand these statistics, we're joined by Floyd Norris. He's the chief financial correspondent for The New York Times.

Guest:

Floyd Norris, chief financial correspondent for The New York Times.