BUSINESS MEMO: JOBLESS RATE DROPS

The nation's jobless rate dropped to 4.8 percent in July, matching a 24-year low.

The Labor Department's unemployment report, released Friday, showed wage growth stalled in July. Average hourly earnings were unchanged at a seasonally adjusted $12.23.

The July jobless rate marked a decline from 5 percent in June and matched the May rate. It hasn't been lower since November 1973. Businesses added 316,000 jobs, roughly 100,000 more than economists predicted, after a gain of 228,000 in June.