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Jobs report released
(NEWSCHANNEL 3) - A new jobs report Friday morning shows a dramatic drop in the unemployment rate.
It now sits at 7.4 percent. That's a four year low.
But despite the drop, economists are not happy about the news. They're disappointed because they were expecting employers to add about 180,000 jobs in July. Instead, they only added 162,000.
They say it will take a lot more hiring to get the economy back to a healthy level.
"The simple math by most economists prediction is 250,000 jobs a month to get back to where we were prior to the collapse of the economy throughout the world," said NYSE Trader Ben Willis.
One industry that continues to add jobs is healthcare. The aging U.S. population has created a demand for more workers.
Job growth in healthcare is up about 23 percent over the past decade, compared to just two percent growth for all other industries.