U.S. unemployment rate down to 7.4 percent

The U.S. jobless rate dipped to 7.4 percent, while total nonfarm payroll climbed by 162,000, the U.S. Bureau of Labor Statistics reported Friday.

Both the number of unemployed persons, at 11.5 million, and the unemployment rate, edged down in July. The jobless rate was 7.6 percent in June.

For the year, those measures were down by 1.2 million and .8 percentage point, respectively, the Bureau reported.

The change in total nonfarm payroll for May was revised from an increase of 195,000 to 176,000.  The change for June also was pulled back, from an increase of 195,000 to 188,000.

Employment gains in those months combined were 26,000 less than previously reported.

In addition, a survey by Bloomberg showed economists had expected a growth of 185,000 jobs in July.

Reaction

New Jersey reaction flowed in to the latest figures.

“The July jobs report showed some positive growth, but there are still far too many people unable to find full-time work,” said Dr. Alieta Eck, Republican U.S. Senate candidate.

“More than four million people have been out of work for more than six months, with a disproportionate burden on the young.”

She focused on one of her main issues in the campaign: Overturning the Affordable Care Act.

“With Obamacare forcing more and more employees to part-time status, we will continue to struggle to create good jobs until President Obama admits that his job-killing health plan is a failure.” U.S. unemployment rate down to 7.4 percent