National jobless rate drops to 7.4% in July

The U.S. unemployment rate dropped two-tenths of a point in July to register at 7.4 percent.

Nonfarm payroll employment increased by 162,000 jobs last month, led by the retail trade, food services and drinking places, financial activities and wholesale trade industries, according to a U.S. Bureau of Labor Statistics news release.

Retail trade added 47,000 jobs in July, with increases in general merchandise stores, 9,000 jobs; motor vehicle and parts dealers, 6,000; building material and garden supply stores, 6,000; and health and personal care stores, 5,000.

Within leisure and hospitality, food services and drinking places employment rose by 38,000 jobs in July, according to the release.

The financial activities industry added 15,000 jobs last month, and wholesale trade payroll employment rose by 14,000 positions.

The number of unemployed in the nation dropped to 11.5 million from 11.8 million in June, according to the BLS.