Today’s Employment Situation Report indicated that in July, net non-farm payrolls increased by 162,000 jobs overall with the private non-farm payrolls sub-component adding 161,000 jobs while the civilian unemployment rate declined to 7.4% over the same period.Net private sector jobs increased 0.14% since last month climbing 2.07% above the level seen a year ago but remained 1.28% below the peak level of employment seen in December 2007.