US firms record soft gain in jobs
Print Edition
UNITED States employers added just 142,000 jobs in August, snapping a six-month streak of hiring above 200,000 and posting the smallest gain in eight months.
The unemployment rate fell to 6.1 percent from 6.2 percent, the Labor Department said yesterday. But the rate fell because more people without jobs stopped looking for one and were no longer counted as unemployed.
Employers also added 28,000 fewer jobs in June and July than the government had previously estimated.
The slowdown was unexpected after most recent economic data had suggested that the economy was growing at a healthy pace. Some analysts noted that other measures of the job market remain solid and that August’s figures could mark just a temporary slowdown.
The figures “will inevitably spark speculation that the US recovery is somehow coming off the rails again,” said Paul Ashworth, an economist at Capital Economics. “However, we’re not too concerned by what is probably just an isolated blip.”
The weaker-than-expected figures make it unlikely that the Federal Reserve will speed up its timetable for raising interest rates. Most analysts expect the first rate hike around mid-2015.
August’s job growth was well below the average monthly increase of 212,000 over the past 12 months. Job gains have averaged 207,000 a month in the past three months, still a healthy pace.
Patrick O’Keefe, director of economic research at the accounting and consulting firm CohnReznick, said he found yesterday’s report puzzling. O’Keefe noted the tepid job growth was inconsistent with surveys showing businesses and consumers gaining confidence.
He also said August’s job figures tend to be unusually volatile and are typically revised later as government statisticians adjust for unusual seasonal factors such as the reopening of school and the Labor Day holiday.
The biggest drops in hiring last month occurred in retail, which shed 8,400 jobs, after gaining 21,000 in July, and in manufacturing, where employment was flat, down from a gain of 28,000 in July. Transport and warehousing added only 1,200 jobs, after adding 19,100 in July.
Recent reports of strength in manufacturing and construction, in particular, had raised hopes that hiring in August would be solid.
Meanwhile factories expanded last month at the best rate in more than three years.
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