U.S. job growth slowed more than expected in August after two straight months of hefty gains. Elly Park reports.
U.S. job growth slowed more than expected in August after two straight months of hefty gains. The Labor Department said nonfarm payrolls increased by 156,000 last month. Economists had hoped for about 30,000 more. Most jobs were added in manufacturing and construction. Average hourly earnings rose at a tepid rate of three cents or 0.1 percent. Bankrate's Mark Hamrick says weaker numbers won't stop the U.S. Federal Reserve from initiating its balance-sheet reduction plan in September. (SOUNDBITE) MARK HAMRICK, WASHINGTON BUREAU CHIEF AND SENIOR ECONOMIC ANALYST, BANKRATE (ENGLISH) SAYING: "We're not gonna say this was a good jobs report, but, I would say, that after having had five out of the seven months of the year with more than 200,000 jobs added on the month, to give a little back here, is not that much concern. The outlook now really is for a slower job growth over the next twelve months." With job growth slowing, the unemployment rate ticked up to 4.4 percent. Hurricane Harvey didn't affect August jobs report because it struck after the survey period.