162,000 Job Gains In July, Below Forecast

Employers added 162,000 jobs in July, adding to worries that the labor market may finally be wobbling a bit amid federal spending cuts and a payroll tax increase.

The unemployment rate fell to 7.4% from 7.6%, the Labor Department said Friday.

A consensus forecast of economists had estimated that 185,000 jobs were added last month.

Hopes for stronger-than-expected employment gains grew after reports Thursday showed that initial jobless claims fell sharply last week and payroll processor ADP estimated that the private sector added 200,000 jobs in July.

Read more on USA Today.

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Blake produces various radio shows at AM 820 News as well as USF Athletics.