A drop in the unemployment rate to a 16-year low raises a tantalizing question about the job market: How much better can it get?
Earlier this year, economists worried that the low unemployment rate meant businesses would struggle to find workers and that would drag down the pace of hiring. Those fears were heightened by a tiny job gain in March and modest hiring in May.
Yet Friday's jobs report suggests such concerns are premature. Employers added 209,000 jobs, after a solid gain of 231,000 in June, the Labor Department said. The unemployment rate ticked down to 4.3 percent, from 4.4 percent, matching the low reached in May.
The U.S. economy is benefiting from steady growth around the world, with Europe and Japan perking up and China's economy stabilizing. Corporate revenue and profits are growing too, and the stock market has hit record highs.
