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U.S. Jobless Rate Drops to 7.4%
Employers added 162,000 new jobs in the U.S. last month, the smallest increase since March, according to the Dept. of Labor.
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Employers added 162,000 new jobs in the U.S. last month, the smallest increase since March, according to the Dept. of Labor.
The department also cut its hiring estimates for May and June by a combined 26,000 jobs. Many of the job gains this year have been in such low-wage sectors as restaurants and retail, economists note.
But the country's unemployment rate, which is based on a different survey, improved to 7.4% in July from 7.6% in June, the Labor Dept. reports. Last month marked the lowest jobless rate since December 2008. Economists say one reason is that many unemployed Americans have stopped looking for jobs.
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