U.S. adds 162,000 jobs in July; unemployment 7.4%

U.S. adds 162,000 jobs in July; unemployment 7.4%
WASHINGTON (MarketWatch) – The U.S. created 162,000 jobs in July and the unemployment rate fell to 7.4%, the lowest level since December 2008, partly because more people dropped out of the labor force, the government said Friday. Job gains for June and May were also revised slightly lower. Economists polled by MarketWatch had expected an increase of 180,000 jobs last month. Most sectors added jobs and the biggest gains in hiring in July took place in retail (47,000) and professional and business services (36,000), the Labor Department said. The construction trade trimmed 6,000 positions, however. Average hourly wages, meanwhile, fell 2 cents to $23.98 and the average workweek slipped a notch to 34.4 hours. The number of new jobs created in June was revised down to 188,000 from 195,000, while May’s figure was lowered to 176,000 from 195,000. The size of the civilian labor force declined by 37,000 and the participation rate fell a tick to 63.4%.