Despite this growth and landing above Wall Street expectations, we're still below the number needed to really make a dent in the unemployment rate -- but it's an improvement. So, the sky isn't falling -- and let's just say we're cautiously optimistic, yes?

Other details from this month's "The Employment Situation" summary:

• Net growth explanation: 154,000 jobs were created in the private sector, but with a loss in government jobs of 37,000, we saw a net increase of 117,000.
• May and June's low growth numbers have also had positive net revisions of 56,000.
• The labor force, at 152.3 million, did not change much in July.
• The unemployment rate was little changed but we did see improvement, from 9.2 to 9.1 percent. It's important to keep in mind, however, that this lower rate was due to more individuals dropping out of the employment search (labor force participation fell from 64.1 percent to 63.9 percent).
• Average hourly earnings for all employees on private nonfarm payrolls increased by 10 cents to $23.13. Over the past 12 months, average hourly earnings have increased by 2.3 percent.
• Neither average weekly hours or the number of temporary employees rose; as The Economist points out, both are indicators of future labor demand.