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The U.S. unemployment rate dropped to 4.3% with 209k jobs added in July


The economy showed signs of improvement with Friday's release of the July jobs report. The unemployment rate fell from 4.4 percent to 4.3 percent--a historic 16-year-low--while the economy added 209,000 jobs, according to Labor Department officials.

President Trump, who soon departs for his 17-day vacation at his New Jersey golf resort, took note of the promising economic figures on Twitter.

According to the Bureau of Labor Statistics, bars and restaurants were responsible for the biggest boost in job creation, amounting to 53,000. Professional and business services, meanwhile, contributed 49,000.

Other areas of the economy, such as the growth in Americans' paychecks, weren't as promising. Average hourly page rose by 2.5 percent from a year earlier, meaning that's 3.5 to 4 percent lower than what is typical when the unemployment rate is this low.

The July jobs report surfaced the same day as Mazda and Toyota's joint announcement to construct a $1.6 billion manufacturing plant in the United States, which is expected to create 4,000 jobs. Earlier in the week, Amazon demonstrated a pledge to job creation during its "hiring day" event held nationwide. Thousands of hopefuls stood in line with the prospects of joining the company as anything from an engineer to a delivery person.

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The Associated Press contributed to this report.

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