Job growth picked up a bit in July, the Labor Department said Friday. Total nonfarm payrolls increased by 163,000, higher than the 100,000 gain expected by Wall Street economists. The unemployment rate ticked higher to 8.3% in July from 8.2% in the previous month. This is the highest rate since February. Economists forecast the unemployment rate to hold steady at 8.2%. Average hourly earnings increased 2 cents, or 0.1% to $23.52. Earnings are up 1.7% in the past year. The average workweek was unchanged at 34.5 hours. (full story)