Jobless Rate Ticks Down To 7.3 Percent; 169,000 Jobs Added
The nation's jobless rate dipped to 7.3 percent in August from 7.4 percent in July as 169,000 jobs were added to public and private payrolls, the Bureau of Labor Statistics estimated Friday morning.
The figures were roughly in line with what economists had been expecting to hear.
But buried within the report was troubling news: Instead of the 162,000 jobs that BLS thought had been added to payrolls in July, it now estimates that employment grew by just 104,000 jobs that month. Also, the jobless rate dipped in part because the percentage of Americans who count themselves as being part of the labor force (either because they're working or looking for work) hit a 25-year low.
We'll post more highlights from the report, as well as reactions to it and analyses about how policymakers at the Federal Reserve may react, in the coming hour. Be sure to hit your "refresh" button to see our latest updates.
Update at 9:58 a.m. ET. White House Calls News "Another Sign Of Progress":
"Over the last four years, we've cleared away the rubble from the financial crisis and begun to lay a new foundation for stronger, more durable economic growth," says White House economic adviser Jason Furman. "While continued solid job gains, today's employment report is another sign of progress, the report also underscores the need to continue pursuing policies that move our economy forward and restore middle class security."
Update at 9:20 a.m. ET. All In All, A Sign That Things Got Worse?
Here's how MarketWatch sums up the report:
"The U.S. added a modest 169,000 new jobs in August, the number of positions created in July was slashed and more workers dropped out of a labor force in a sign that hiring conditions worsened toward the end of the summer. The unemployment rate, meanwhile, ticked down to 7.3% from 7.4%, but that was because fewer people were searching for work."