5 p.m., May 26
U.S. adds disappointing 162,000 jobs in July
But unemployment rate falls to 7.4%
Economists were expecting the U.S. economy to generate 180,000 new jobs in July, but the total only came in at 162,000, the government revealed this morning (Aug. 2). However, the unemployment rate dropped to 7.4%, down from 7.6% in June. Part of the reason is that more workers dropped out of the workforce because they cannot find a good job, according to MarketWatch. Average hourly wages fell 2 cents to $23.98 and the average workweek slipped slightly to 34.4 hours.