U.S. job growth was significantly weaker than expected in August and job growth in prior months was revised down, suggesting that the labor market is even weaker than it looks.
The economy added 142,000 jobs, the Labor Department said on Friday.
Economists had forecast 160,000 jobs for the month.
The prior month’s jobs estimate was revised down from 114,000 to 89,000 and the June figure was revised down by 60,000 to just 118,000.
The unemployment rate dipped to 4.2 percent from 4.3 percent in July .The labor force participation rate remained at 62.7 percent, around where it has been for the past year.
Average hourly earnings for all employees on private nonfarm payrolls increased by 14 cents, or 0.4 percent, to $35.21. Over the past year, average hourly earnings have increased by 3.8 percent. This was higher than expected.
Private sector payrolls grew by 118,000, missing expectations for 136,000. The July private sector estimate was revised down from 97,000 to 74,000.
The manufacturing sector shed 24,000 jobs, six times the expectation. The July figure, however, was revised up to show growth of 6,000 jobs rather than the earlier estimate of 1,000.
Originally Posted At www.breitbart.com
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