Although the market is down, many are breathing a little sigh of relief after today’s jobs report showed job losses, but fewer than expected. Payrolls were cut by 51,000. about 20,000 less than expected. More good news came in the upward revisions to May and June as well. However, July was the seventh consecutive month of job losses, bring the cumulative total to over 460,000.

The unemployment rate rose 0.2% to 5.7% as well as more young people entered the labor force looking for summer jobs. The bad news for the teens out there is that it’s the worst teen labor market in 16 years with the teenage unemployment rate hitting 20.3%.

As usual, the manufacturing sector lost jobs to the tune of 35,000, and retailers cut 17,000 jobs. Education, government, and health care all saw job growth. In a bearish sign, temporary workers lost 29,000 jobs. Why is this bad? This is usually a leading indicator of permanent hiring, so this number has to start growing in order for job growth to take hold. The futures actually got a boost following the report before the bears sunk their teeth into the market.