162,000 Jobs Added In July; Jobless Rate Falls

Source: Paul Davidson / USA Today

Employers added 162,000 jobs in July, adding to worries that the labor market may finally be wobbling amid federal spending cuts and a payroll tax increase.

The unemployment rate fell from 7.6% to 7.4%, lowest since December 2008, the Labor Department said Friday,

A consensus forecast of economists had estimated that 185,000 jobs were added last month.

Businesses added 161,000 jobs on healthy gains by retailers, restaurants and professional and business services. Federal, state and local governments added 1,000.

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