WASHINGTON (AP) — U.S. employers added 162,000 jobs in July, a modest increase and the fewest since March. Still, the unemployment rate fell to a 4½-year low of 7.4 percent, a hopeful sign in an otherwise lackluster report.
Unemployment declined from 7.6 percent in June because more Americans found jobs, and others stopped looking and were no longer counted as unemployed.
Still, Friday's report from the Commerce Department pointed to a less-than-robust job market. It suggested that the economy's subpar growth and modest consumer spending are making many businesses cautious about hiring.
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