The Labor Department, in its widely watched jobs report, on Friday said non-farm employment rose by 162,000 and the unemployment rate slipped to 7.4 percent, the lowest in over four years. Gains in employment fueled some of that decline, but the labor force also shrank during the month, robbing some of the luster from the decline in the unemployment rate.
Employment increased in retail trade, food services and drinking establishments, financial activities and wholesale trade.
The jobs growth, which missed expectations of an increase of 183,000 jobs, was enough to show the labor market continues to expand, but at a sluggish pace.
Meanwhile, Black unemployment fell from 13.7 to 12.6 percent, a low for the year. And black women also saw their best numbers in over a year. Joblessness for African-American women fell to 10.5 percent from 12.0 in June.
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