Unemployment falls in July

The U.S. unemployment rate decreased to 7.4 percent in July from 7.6 percent in June as U.S. employers added 162,000 jobs, according to USA Today. Economists were expecting to add 185,000 jobs.

However, hiring in May and June were revised down by 26,000. May's job growth was revised down to 176,000 from 195,000, and June's job growth was revised down to 188,000 from 195,000.

Additionally, the number of discouraged workers rose to 988,000—up 136,000 from a year earlier; discouraged workers are individuals not currently looking for work because they believe there are no jobs available for them.

In July, the retail sector added 47,000 jobs; professional and business services sector added 36,000 jobs; financial activities sector added 15,000 jobs; and government sector added 1,000 jobs.

The health care, construction and manufacturing sectors basically were unchanged.

There currently are 11.5 million unemployed people in the U.S.

Date : 8/5/2013