Job Growth Slows but Unemployment Rate Falls

Washington, DC, Jan. 10, 2013 -- The economy added 74,000 jobs in December to mark the smallest increase since early 2011, according to the Labor Department.

However, the unemployment rate fell to 6.7% from 7.0% , mostly because more people dropped out of the labor force.

Economists expected an increase of 193,000 nonfarm jobs, with unemployment holding at 7.0% in December.

The employment gain in November was revised up to 241,000 from a first read of 203,000.