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Unemployment drops to lowest rate since 2008

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WASHINGTON- The unemployment rate fell to a four-and-a-half year low Friday with the July jobs report.

However, employers may still be cautious about hiring.

Employers added 162,000 jobs in July, which lowered the unemployment rate to 7.4 percent.

The job gains were mostly in low-paying industries like retail, hotels and restaurants.

The report also showed that Americans are working fewer hours and their pay is dipping.

There is good news on the horizon.

Economists say recent data suggests that the economy could strengthen in the second half of the year.