Jobs Growth Lower Than Expected in August
Washington, DC, Sept. 7, 2012 -- Job growth was below expectations in August, according to the Labor Department.
Nonfarm payrolls grew by 96,000 in August, well below estimates of 125,000 and down from 141,000 jobs in July.
The unemployment rate, however, fell to a seasonally adjusted 8.1%, down from 8.3% in July.
Economists had been expecting the jobless rate to be unchanged.
The decline in the unemployment rate reflected 368,000 people dropping out of the labor force.