Economy generated 163,000 jobs in July

Economy generated 163,000 jobs in July

WASHINGTON

The U.S. economy generated jobs last month at the fastest pace since February, a sign it is resilient enough to pull out of a midyear slump and grow modestly even as the rest of the world slows down.

The 163,000 jobs employers added in July ended three months of weak hiring. But the surprising gains weren’t enough to drive down the unemployment rate, which ticked up to 8.3 percent last month from 8.2 percent in June — the 42nd-straight month the jobless rate has exceeded 8 percent. The United States remains stuck with the weakest economic recovery since World War II.

The latest job numbers, released Friday by the Labor Department, provided fodder both for President Barack Obama, who highlighted improved hiring in the private sector, and Republican challenger Mitt Romney, who pointed to higher unemployment.

6 companies eyeing IPO next week

LOS ANGELES

One of the world’s top soccer clubs is set to make its stock-market debut next week along with the companies behind Outback Steakhouse restaurants and the Carl’s Jr. and Hardee’s fast-food chains.

Manchester United Ltd., one of the most popular soccer clubs on the planet, is slated to go public with an offering that looks to bring in $300 million.

Bloomin’ Brands, which operates Outback, is looking to raise $300 million in its initial public offering.

CKE, which runs the two hamburger eateries, is eyeing a $200 million raise.

The timing of the IPOs coincides with the final week before many on Wall Street go on break until after Labor Day.

It also caps a summer IPO season that got off to a slow start due to the fallout from Facebook’s disappointing market debut.

Peregrine Semiconductor, a technology firm catering to wireless market, is looking to raise $83 million; Performant Financial, which handles collection services on unpaid loans, wants $150 million; and, Stemline Therapeutics, a biotech company, is eyeing a $42 million raise.

Agreement on deal for United pilots

DALLAS

United Airlines has a deal with union negotiators on a new labor contract with its own pilots and those from the former Continental Airlines.

United Continental Holdings Inc. said Friday that the agreement is an important step in creating a single work force at the company, which was formed by a 2010 merger.

The union called it an agreement in principle on economic issues and said some details still needed to be finished. It is subject to approval by governing boards of the two pilot groups and by nearly 10,000 rank-and-file pilots.

Details of the agreement were not disclosed immediately, but Jay Pierce, chairman of the Continental pilots’ group, said it included pay raises and better job protection and benefits.

From wire reports