Jobless Rate Is Unchanged in July

August 3, 2001 ( - The US unemployment rate was unchanged at 4.5% in July, with employers shedding 42,000 jobs, the Labor Department reported Friday.

The slight decline in jobs pointed to continued weakness, reinforcing analysts’ beliefs that the Federal Reserve, the central bank, will cut short-term interest rates for the seventh time this year at its next meeting later this month.

The steady rate was better than the reading of 4.6% that analysts had predicted.

Employers cut 42,000 jobs outside the farm sector last month, compared with a revised loss of 93,000 jobs in June. Meanwhile, wages rose by 4 cents to $14.35 an hour in July, a 0.3% gain.