Economy Creates 169,000 Jobs in August

Washington, DC, Sept. 6, 2013 -- The economy created 169,000 non-farm jobs last month, according to the Labor Department.

In addtion, the unemployment rate fell to 7.3%, a 4-1/2 year low. However, the decline was mostly due to workers who quit looking for jobs.

Economists were expecting an increase of 180,000 last month and for the unemployment rate to hold at 7.4%.

Also, the jobs numbers for June and July were revised lower by a total of 74,000 fewer jobs.

The share of working-age Americans who either have a job or are looking for one  dropped to its lowest level since August 1978.