Economy Adds 164,000 Jobs, Unemployment Rate Remains Steady In July

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Economy Adds 164,000 Jobs, Unemployment Rate Remains Steady In July
July's unemployment rate remained steady at 3.7%.
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The U.S. economy fell slightly behind Wall Street expectations when it came to job creation in July, but overall it was another good month.

The Department of Labor reports 164,000 jobs were added last month. Analysts predicted the economy would add 165,000 jobs.

July's unemployment rate remained steady at 3.7%. Acting U.S. Secretary of Labor Patrick Pizzella said, "With Labor Day a month away, we have not seen an unemployment rate this low on a Labor Day since 1952."

The Labor Department reports Americans are also taking home larger paychecks. Average hourly wages have increased to 3.2% in 12 months.

The report wasn't all good news: Both May and June's job numbers were revised and show lower numbers. May was revised from 72,000 to 62,000, and June's went from 224,000 to 193,000.

A total of 5.7 million jobs have been created since January 2017 when President Trump took office.