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Friday, October 28, 2016

WASHINGTON (AFP) – The U.S. unemployment rate fell to a better-than-expected 7.4 percent in July from 7.6 percent in June but jobs growth disappointed, official data released Friday showed.

The Labor Department reported the United States added 162,000 jobs last month, well below the 175,000 expected on average by analysts.

The decline in the jobless rate was twice as big as the estimated one-tenth point drop to 7.5 percent.

At 7.4 percent, the jobless rate is the lowest since December 2008, when it was 7.3 percent, a Labor Department official said.

It was markedly better than in July 2012, when the jobless rate stood at 8.2 percent.

The department downwardly revised jobs growth for the prior two months by a combined 26,000.

The June figure was revised to 188,000 jobs from 195,000, and the May reading was revised to 176,000 from 195,000.

Photo Credit: AFP/Karen Bleier

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  • TZToronto

    I’m sure the trolls will find a way to make good news bad and blame it on President Obama.

    • lana ward

      It’s dropped to 7.4% because more and more people have dropped out the work force. It isn’t good news at all!!!

      • TZToronto

        I actually won’t argue with that. These labor numbers are difficult to interpret, which is one reason that the numbers get adjusted after a couple of months. New information about employment requires adjustments to the earlier numbers that were based on then-current, but incomplete, information. Not all of the information comes in at the same time, apparently. So before we start talking about people dropping out of the workforce, let’s see what the adjusted numbers look like in a couple of months. . . . Sorry to be rational about this.