Fewer Jobs Added in July but Jobless Rate Falls
Washington, DC, Aug. 2, 2013 -- U.S. employers added fewer jobs in July but the unemployment rate fell nevertheless, according to the Labor Department.
The number of jobs outside the farming sector increased by 162,000, which was below the median forecast of 184,000.
In addition, the government also cut its previous estimates for hiring in May and June.
The unemployment rate fell two tenths of a point to 7.4%, its lowest since December 2008.
While there were gains in employment, the labor force also contracted, accounting for the lower rate.
The job growth left the three-month average gain at 175,000.