Jobless Rate Declines to7 Percent: July Statistics Show Unemployment...
' The nation's unemployment rate fell to 7 percent in July, its lowest level in more than a year, the Labor Department reported yesterday.</br></br>The unemployment drop, from percent in June, came as a surprise to many economists, since other indicators have pointed to a slowdown in the economy.</br></br>The unemployment decrease was attributed to a large increase in the number of jobs last month. The Labor Department reported an increase of 570,000 jobs, with more than 100.000 new jobs added in manufacturing.</br></br>Janet L. Norwood, commissioner of labor statistics, said the figures show ÛÏthe first large increase in several months.Û despite expectations that unemployment would rise as the economy slows.</br></br>"it looks like employers are not lotting people go.Û Norwood said. "Hither they donÛªt feel the decline or they are waiting to see."