Jobless Rate Ticks Down To 7.3 Percent; 169K Jobs Added
Filed by KOSU News in US News.
September 6, 2013
The nation’s jobless rate dipped to 7.3 percent in August from 7.4 percent in July as 169,000 jobs were added to public and private payrolls, the Bureau of Labor Statistics estimated Friday morning.
The figures were roughly in line with what economists had been expecting to hear.
But buried within the report was a troubling revision: Instead of the 162,000 jobs that BLS thought had been added to payrolls in July, it now estimates that employment grew by just 104,000 jobs that month.
We’ll post more highlights from the report, as well as reactions to it and analyses about how policymakers at the Federal Reserve may react, in the coming hour. Be sure to hit your “refresh” button to see our latest updates.
Update at 8:58 a.m. ET. Another “Mediocre Jobs Report,” Boehner Says:
Calling the news “another mediocre jobs report,” House Speaker John Boehner (R-Ohio) says in a statement released by his office that: “The sooner President Obama starts working with both parties to expand American energy production, repeal his health care law and focus on patient-centered reforms, and solve Washington’s spending problem, the stronger our economy will be for all Americans.”
Update at 8:55 a.m. ET. Jobless Rate Is Lowest In Nearly 5 Years:
At 7.3 percent, the unemployment rate is at its lowest level since December 2008. Its recent peak, 10 percent, came in October 2009. A year ago, the rate stood at 8.1 percent.
Update at 8:40 a.m. ET. “Music To Traders’ Ears?”
Here’s an early conclusion from The Wall Street Journal:
“Dow futures are at the highs of the morning, up 74 points. So basically the jobs figures were ok, but don’t necessarily signal the Fed should immediately taper. Music to traders’ ears.”
[Copyright 2013 NPR]