US Unemployment Rate
Employers added a disappointing 169,000 jobs in August, extending a midyear dip in the labor market amid federal spending cuts and a payroll tax increase.
The unemployment rate, which is calculated from a different survey of households, fell to 7.3% from 7.4%, the Labor Department said Friday. That’s the lowest since December 2008. However, the drop came because 312,000 Americans stopped working or looking for work - not because of a rise in employment.
Even more discouraging: the Labor Department revised down its estimate for job gains in June and July by a total 74,000. The payroll increase in June was revised to 172,000 from 188,000 and in July, from 162,000 to 104,000.
Economists’ consensus forecast was that 180,000 jobs were added last month. The report has been highly anticipated by investors because decent growth could persuade the Federal Reserve to begin dialing back its bond-buying stimulus at its Sept.17-18 policymaking meeting, as many economists expect.
RDQ Economics said in a research note that “the Fed will still announce a modest reduction in the pace of bond purchases” this month, but “the call is a closer one than we were expecting.” TD Economics said the disappointing jobs report will prompt the Fed to “use a lighter touch” as it scales back the bond-buying.
In August, businesses added 152,000 jobs, while federal, state and local governments added 17,000. The retail and health care industries led the job gains. Average monthly job growth has slowed from 200,000 the first five months of the year to 148,000 the past three months.
“What we have is a summer slumber,” says economist Joel Naroff of Naroff Economic Advisors. “It doesn’t bode well for third-quarter (economic) growth.” Still, Naroff expects the effects of federal spending cuts and a January payroll tax increase to fade by the fourth quarter, pushing monthly job growth back to about 200,000.
Some other signs of the job market’s health were encouraging. The average workweek rose to 34.5 hours from 34.4 hours. Employers often increase the hours of existing workers before adding new ones. And average hourly earnings rose 5 cents to $24.05.
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