US unemployment rate falls to 7.4% in July
Posted August 2, 2013 7:29 am.
This article is more than 5 years old.
WASHINGTON (NEWS1130) – US employers added 162,000 jobs in July, the fewest since March.
However, the gains were enough to lower the unemployment rate to 7.4 per cent — the lowest since December 2008.
The U.S. Labor Department said the rate fell from 7.6 per cent in June. But that was one of the few good signs in an otherwise lacklustre report.
Fewer jobs were added in the previous two months than earlier estimated. Americans worked fewer hours and their pay dipped. The figures suggest weak economic growth may be making businesses cautious about hiring.
The Federal Reserve will pay particularly close attention to the figures as it decides whether to scale back its $85-billion monthly bond purchases later this year.
