Economy Adds 162,000 New Jobs in July

Posted on August 2, 2013

The economy added 162,000 jobs in July. The unemployment rate edged down to 7.4 percent. The Bureau of Labor Statistics says employment rose in retail trade, food services and drinking places, financial activities, and wholesale trade. The unemployment rate is still the highest for teenagers by far at 23.7%.

The biggest gains came in retail trade, which added 47,000 jobs and July. Retail has added 352,000 jobs in the past 12 months. Leisure and hospitality added 38,000 jobs. This category has added 381,000 jobs in the past 12 months.

Employment gains for May and June were revised downward by 26,000 jobs. ABC News reports that July's jobs report was short of expectations. However, there are some positive signs with an uptick in the housing market and some cities hiring firefighters. Take a look: