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August employment: 173,000 jobs created

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August employment: 173,000 jobs created

Job creation misses expectations; unemployment rate drops to 5.1%.

Total nonfarm payroll employment rose by 173,000 in August, and the unemployment rate fell to 5.1%, the U.S. Bureau of Labor Statistics reported today.

Job gains occurred in health care, social assistance, professional and business services, and financial activities.

Consensus estimates had expected an increase of 220,000 new jobs.

The historically low employment participation rate remained at 62.6%.

The number of unemployed persons fell slightly to 8.0 million.

In August, average hourly earnings for all employees on private nonfarm payrolls rose 8 cents to $25.09. Over the year, average hourly earnings have risen by 2.2%. 

The full report can be found here.

 

 

Data Curated by startclass.com

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