{{show_title_date || "162K jobs created in July; unemployment rate drops to 7.4 percent, 8/2/13, 8:52 AM ET"}}

WATCH: Job creation slows, but unemployment drops

Updated

The U.S. added 162,000 jobs last month. That’s fewer than expected, but unemployment did fall to its lowest number since December 2008.
CNBC’s Kelly Evans explained on Morning Joe:

“Here’s what we just learned: The U.S. economy added 162,000 jobs in July. It’s about 20,000 light of what we expected, especially because a lot of the surveys this week had pointed towards something more along the 200,000 level, which is also the prevailing level for the past six months or so. It would appear to be a step back in the pace of job creation. [There is also] about 27,000 combined revised lower from June and May, so if you take it altogether, we’re actually shy here, versus what was expected, by about 50,000.
What’s interesting at the same time, though, and this is not an unfamiliar pattern in the recovery, the unemployment rate fell….The civilian labor force is down by 37,000. The participation rate ticking down to 63.4% from 63.5%. You’d rather see the unemployment rate steady or moving higher, if people are coming back into the workforce, but the number of discouraged workers is up to almost 1 million.”

Watch the full discussion above.

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WATCH: Job creation slows, but unemployment drops

Updated