America's unemployment rate sank to 7.4 percent in July, a drop of two-tenths of a percent, the Bureau of Labor Statistics says in its monthly summary of the U.S. economic situation. But employers added 162,000 jobs last month, coming in below economists' expectations.
"Total nonfarm payroll employment increased by 162,000 in July, with gains in retail trade, food services and drinking places, financial activities, and wholesale trade," the report states.