Employers add 223,000 jobs; jobless rate falls to 5.3%

July 3, 2015 7:11 AM

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The Labor Department said Thursday that the unemployment rate dropped from 5.5 percent in May. The rate fell mostly because many people out of work gave up on their job searches and were no longer counted as unemployed.

Other details in the report were less encouraging: The percentage of Americans working or looking for work fell to a 38-year low. Average hourly pay was flat. And employers added 60,000 fewer jobs in April and May than the government had previously estimated.

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