Unemployment drops to 7.4% in July

Well, it’s the first Friday of the month, and you know what that means! That’s right, the employment report from the Bureau of Labor Statistics is up for the month of July. It’s been a hot summer and some of that heat may have helped to thaw out the chilly hiring conditions of the last few months. Overall, the unemployment rate dropped to 7.4% or 11.5 million individuals. 162,000 jobs were added in July, mostly in Retail, Food Service, Bars, Financial Activities and Wholesale Trade. However, the total number of discouraged workers (unemployed people who have given up job seeking due to a lack of hope) is up by 136,000 from last year at 988,000. Though the progress has been slow — painfully slow at times — the job market continues to slowly but surely look better and better.

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