Unemployment rate rises but hiring picks up – Austan Goolsbee breaks down the July jobs report

(CNNMoney) – Businesses stepped up their hiring in July, but the unemployment rate ticked higher anyway.

Employers said they added 163,000 jobs in the month, according to a Labor Department report released Friday, much better than the 95,000 jobs economists had forecast.

But at the same time, the unemployment rate unexpectedly rose to 8.3% as households claimed they lost 195,000 jobs.

Austan Goolsbee, former chief economist of President Obama's economic recovery advisory board and professor at the University of Chicago Booth School of Business, joins Starting Point this morning to weigh in on these figures and to explain what factors are hindering economic growth in America.