The Labor Department reported Friday that U.S. employers added 130,000 jobs in August, falling short of the 150,000 to 170,000 new jobs economists predicted, MarketWatch reports. August gains often miss forecasts because many vacationing employers don't return surveys on time. July's gain was revised to 159,000 from 164,000, and June's was reduced to 178,000 from 193,000.
The unemployment rate remained near a 50-year low at 3.7 percent. Average wages rose by 0.4 percent to $28.11 per hour, with 12-month wage gains slipping to 3.2 percent from 3.3 percent. The softening of the labor market in August was expected to keep the pressure on the Federal Reserve to cut interest rates to give the economy a boost.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
7 beautiful towns to visit in Switzerland during the holidaysThe Week Recommends Find bliss in these charming Swiss locales that blend the traditional with the modern
-
The Week contest: Werewolf billPuzzles and Quizzes
-
'This needs to be a bigger deal'Instant Opinion Opinion, comment and editorials of the day
-
US charges Indian tycoon with bribery, fraudSpeed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
-
Boeing machinists approve contract, end strikeSpeed Read The company's largest union approved the new contract offer, ending a seven-week strike
-
US economy still strong in final preelection reportSpeed Read It grew at a solid 2.8% annual rate from July through September
-
Boeing machinists reject deal, continue strikeSpeed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
-
Ports reopen after dockworkers halt strikeSpeed Read The 36 ports that closed this week, from Maine to Texas, will start reopening today
-
Why are older workers staying on the job?Today's Big Question And what does it mean for younger workers?
-
US job growth revised downwardSpeed Read The US economy added 818,000 fewer jobs than first reported
-
Are we getting a 'hard landing' after all?Today's Big Question Signs of economic slowdown raise concerns 'soft landing' declarations were premature
