America's unemployment rate sank to 7.4 percent in July, the Bureau of Labor Statistics says. A hiring sign is seen in a store window in Alexandria, Va.
Credit Alex Wong / Getty Images
America's unemployment rate sank to 7.4 percent in July, a drop of two-tenths of a percent, the Bureau of Labor Statistics says in its monthly summary of the U.S. economic situation. But employers added 162,000 jobs last month, coming in below economists' expectations.
A chart shows the quarterly growth of real GDP in the United States. The U.S. economy expanded more than analysts had expected, at an annualized rate of 1.7 percent.
Credit Bureau of Economic Analysis
The U.S. economy grew by an annualized rate of 1.7 percent in the second quarter of 2013, according to gross domestic product data released Wednesday morning. The Commerce Department says the rise stems from business investments, particularly in buildings, and an upturn in exports and the civilian aircraft industry.
The increase is from what had been a 10-week low. But basically, claims have been ranging between the mid-330,000s and mid-370,000s all year. Like other employment indicators, the jobless claims figures have been signalling that job growth remains modest.