Job growth in America keeps moving along at a consistent but hardly spectacular pace, with 162,000 new jobs added to the economy in July. This figure follows on the heels of 188,000 jobs that were added in June and 176,000 that were added in May. The headline unemployment figure dropped a notch to 7.4 percent.
Retail trade was the strongest sector, with 47,000 new jobs created in the month. Food services and drinking establishments added 38,000 jobs, and the financial sector added 15,000.
Even though July was the 34th consecutive month in which the economy added new jobs, the pace of growth remains too sluggish to move the unemployment rate by more than a tick. The economy needs to add approximately 125,000 jobs per month just to keep up with population growth. Even with the new jobs we've seen added recently, the unemployment rate is still higher than it's been since December 2008.
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