Liberals will try and say what great news the 7.4% is.
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The U.S. economy added just 162,000 jobs in July, well below expectations and not nearly enough to alter the Federal Reserve’s plan to maintain its easy money policies for the foreseeable future.

The headline unemployment rate fell slightly to 7.4%, according to figures released Friday by the Labor Department, down from 7.6% in June. Economist had predicted an increase of 184,000 jobs and a 7.5% unemployment rate.

The number of jobs added in July fell short of the 202,000 average monthly gain during the first half of 2013, offering additional evidence that the economy isn’t growing fast enough to make a significant dent in the stubbornly high unemployment rate. What’s more, the Labor Department reduced its previous estimates for hiring in May and June.

“Bottom line, the reality of a still mediocre economy was evident in today’s payroll figure,” said Peter Boockvar, chief market analyst at economic advisory firm The Lindsey Group LLC.

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