Unemployment Rate Lowest Since Dec. 2008, But July Still Disappoints

The United States Department of Labor released the jobs report for July today. The month showed an increase of 162,000 non-farm payroll jobs, bringing unemployment down to 7.4 percent, the lowest unemployment rate since Dec. 2008, and from 7.6 percent in June, as reported by CNBC's Squawk Box.

This comes under analysts' estimates that have ranged from 183,000 to upwards of 200,000.

Average hourly earnings took a hit last month, falling by $0.02 to $23.98 an hour, as did the average work week. Also, a total of 37,000 people dropped out of the labor force in July.

Low-wage jobs dominated hires in July, with retailers adding 47,000 jobs, and bars and restaurants adding 38,000 jobs to the workforce.