Unemployment Drops To 7.4 Percent

Credit: AP

Unemployment dipped from June to July, dropping from 7.6 percent to 7.4 percent.

It's the lowest the unemployment rate has been in four and a half years.

Job growth was somewhat lackluster after a few--relatively--stronger months; U.S. employers added 162,000 jobs in July, the lowest figure since March.

The number of those without jobs for 27 weeks or longer, considered "long-term unemployed," changed little from June to July. However, the Labor of Bureau Statics says that number has been trending downward in the last year, with almost one million fewer long-term unemployed in July 2013 versus July 2012.

The number of marginally attached workers, a blanket category which includes everything from discouraged workers to people not job hunting due to school or family obligations, stayed about the same from July 2012 to July 2013.

"Involuntary" part-time workers, those working fewer hours for economic reasons, did not change from June to July.

Experts say the economy should pick up as 2013 winds down, but the Fed is now saying that the acceleration is likely not going to be as quickly as previously predicted. Experts also implore Congress to raise the federal debt ceiling by Oct. 1, or else risk stalling the recovery.