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.

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THE ASSOCIATED PRESS

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