*Hiring picked up slightly in July and the U.S. unemployment rate dipped to 9.1 percent. The modest improvement may quiet fears of another recession after the worst losses on Wall Street in nearly three years.

Employers added 117,000 jobs last month, the Labor Department said Friday. That’s better than the past two months, which were also revised higher.

Black unemployment dipped from 16.2 percent in June to 15.9 percent. And black teen joblessness, still the highest of any group, ticked down from 39.9 percent to 39.2 percent.

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