Unemployment rate climbs to 8.3 percent

NATIONAL -- The stock market rallied on the news that employers added 163,000 jobs in July.

Analysts had predicted that only 90,000 to 100,000 jobs to be added.

"It's the best one month gain that we've seen since February," Matt Nesto of Yahoo! Finance said. "It snaps that three month slump that we've seen of below 100,000 created."

But despite the surprising number of jobs created, the unemployment rate went up a tenth of a percentage point to 8.3 perecent.

The rate has above 8 percent for 42 months straight.

It markets the longest streak since World War II.

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