Jobs report released: 131,000 jobs lost in July

While private employers added 71,000 in July, the economy lost 131,000 jobs overall and unemployment remained unchanged at 9.5 percent. Many of the job losses were due to the expected reduction in Census Bureau staff. The numbers put increased pressure on Washington to find ways to help the economy.

Lakshman Achutan, managing director of the Economic Cycle Research Institute, analyzes the report and what it could mean for you and where jobs are headed in the months ahead.