Unemployment Rate Rises to 4.8% in July

August 4, 2006 8:40 AM, EDT

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.S. payrolls rose by 113,000 in July and the unemployment rate rose to 4.8% from 4.6% the previous month, the Labor Department said Friday.

The jobs gain, which followed a revised 124,000 gain in June, was below the 144,000 forecast, Bloomberg reported. Analysts expected the unemployment rate to hold at 4.6%.

Manufacturing employment lost 15,000 jobs, Labor said.

he unemployment-rate gauge is based on a survey of households. The number of payroll jobs added is determined by a separate survey of business and government establishments.

Because employment levels drive so much economic activity, an increase in employment can help consumer confidence and spending patterns, which affect trucking demand.