August 2, 2013 11:44 AM

Jobless rate falls; quality of new jobs disappoints

The unemployment rate sank in July to 7.4 percent from 7.6 percent in June, but ho-hum job growth and a decline in the size of the labor force dampened enthusiasm. Employers added just 162,000 non-farm payroll jobs in July. As notable as the paltry job creation rate was the nature of the new jobs — many were part-time and low-pay.

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