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Unemployment Rate Drops to 7.4% as 162K Jobs Added in July

Tim Boyle/Getty Images(WASHINGTON) -- U.S. employers added 162,000 jobs to their payrolls last month, slightly worse than what economists had anticipated, the Labor Department reported Friday morning.

Economists had expected to see around 180,000 jobs added in July.

The unemployment rate, meanwhile, dropped from 7.6 percent to 7.4 percent, marking the lowest rate in nearly five years.

But in more bad news, the Labor Department revised its figures for May and June to show that 26,000 fewer jobs were added in those months. 

The labor force participation rate also went down -- something that should go up in a healthy job market.

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