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Jobs growth badly misses expectations

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Jobs growth badly misses expectations

Jobs growth badly misses expectations

Total nonfarm payroll employment rose by only 142,000 in August, and the unemployment rate decreased to 6.1%, the U.S. Bureau of Labor Statistics reported today. 

Consensus estimates had expected an increase of 225,000 new jobs.

The historically low employment participation rate fell as well, ending at 62.8% as compared to 62.9% in July.

July’s reported increase in jobs – itself a disappointment – was revised downward by 28,000, resulting in two straight months of sub-200,000 job creation.

The number of unemployed persons remained fairly flat, coming in at 9.6 million.

Over the prior 12 months, the number of unemployed persons has declined 1.7 million, while the unemployment rate has declined by 1.1 percentage points.

The full report can be found here.

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