US Economy Adds Modest 162K Jobs In July
Career College Central summary:
July's modest gain of 162,000 jobs was the smallest since March. And most of the job growth came in lower-paying industries or part-time work.
The unemployment rate fell from 7.6 percent to a 4 1/2-year low of 7.4 percent, still well above the 5 percent to 6 percent typical of a healthy economy. The rate fell because more Americans said they were working, though some people stopped looking for a job and were no longer counted as unemployed.
Friday's report from the Labor Department pointed to a less-than-robust job market. It suggested that the economy's subpar growth and modest consumer spending are making many businesses cautious about hiring.
Friday's report said employers added a combined 26,000 fewer jobs in May and June than the government had previously estimated. Americans also worked fewer hours in July, and their average pay dipped.
For the year, job growth has remained steady. The economy has added an average of 200,000 jobs a month since January, though the pace has slowed in the past three months to 175,000.
Click through for full article content.
THE ASSOCIATED PRESS