Unemployment rate fell to 3.9% in July

(CNN) –The U.S. labor market continues to strengthen.

The unemployment rate fell to 3.9 percent and the economy added 157,000 jobs in July, the Labor Department said Friday.

Paychecks grew only slightly – up 2.7 percent compared to the same time last year.

"With inflation running at a roughly 2 percent rate, that means there’s not a lot of financial wiggle room for many Americans," said Mark Hamrick, Bankrate.com’s senior economic analyst.

The labor market has accelerated as the economy expands. The economy grew at 4.1 percent during the second quarter, its fastest pace in nearly four years.

The government revised the previous months’ job gains by an additional 59,000. With revisions, job gains have averaged 224,000 a month.

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