Unemployment rate drops to 7.4%

By By Annalyn Kurtz
Published On: Aug 02 2013 02:32:59 AM HST
Updated On: Aug 02 2013 02:48:58 AM HST
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CNN

NEW YORK (CNNMoney) -

The job market hit a speed bump in July, as hiring slowed and both hours worked and wages fell slightly.

The U.S. economy added 162,000 jobs in July, falling below forecasts. Economists surveyed by CNNMoney had predicted employers would add 180,000 jobs.

July's job growth was also below the average monthly gains over the past year.

Revisions to June and May figures also show that the economy added 26,000 fewer jobs than originally reported.

Meanwhile, both weekly hours and earnings fell slightly.

The unemployment rate fell slightly to 7.4 percent, as 37,000 people dropped out of the labor force.

Overall, the U.S. economy lost 8.7 million jobs in the financial crisis, and has since gained back 6.7 million jobs.

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