US Unemployment Rate Falls to 7.4 Percent in July, a New Low for the Recovery

The latest data released by the Bureau of Labor Statistics show the US labor market continuing to recover. The unemployment rate fell to 7.4 percent, a new low for the recovery. Payroll jobs increased by a moderate 162,000, as shown in the following chart. May and June job gains were revised downward.

Payroll job increases were concentrated in service sectors, with retail trade, leisure and hospitality, and business services all showing strong growth. Goods producing industries gained slightly, with job losses in construction more than offset by gains in manufacturing. The government sector showed a rare increase in jobs, most of them in at the local level. Federal and state governments employed fewer workers in July. As the following chart shows, the long decline in total government employment appears to be tapering off. >>Read more

Follow this link to view or download a classroom-ready slideshow with charts of the latest employment situation