The U.S. economy added 943,000 jobs in July, while the unemployment rate dropped to 5.4%, according to the U.S. Bureau of Labor Statistics.
Notable job gains occurred in leisure and hospitality, local government education, and professional and business services.
As of the end of the month about 8.7 million Americans were unemployed, a decrease of 782,000 compared with June.
The labor force participation rate was little changed at 61.7%.
The participation rate is 1.6