WASHINGTON, Aug 5 (AFP) - US Treasury Secretary John Snow issued a statement Friday ignoring paltry jobs growth in July and instead welcoming a slight dip in the unemployment rate.
"Today's employment report shows that the economy continues to move in the right direction," he said.
Snow noted that the jobless rate dipped to 5.5 percent in July from 5.6 in June, that jobs grew for the 11th month, that factories had added 10,000 jobs and that manufacturing job gains since February amounted to 91,000.
He failed to mention, however, the troubling news that US employers hired a meagre 32,000 extra workers in July, crushing market expectations of a rebound from a sluggish June.
"The report is a sign that the American economy is continuing on a path of growth and expansion, and that the president's tax relief continues to give momentum to that upward path," Snow said.
"While this ongoing economic progress is encouraging, we're not satisfied and there is more for us to do. The president's pro-growth policies will keep us on the right track and help us to unleash the full potential of America's economy."