WASHINGTON — Employers added 169,000 jobs in August but many fewer in June and July than previously thought, the Labor Department said Friday. Combined, June, July and August amounted to the weakest three-month stretch of job growth in a year.
The nation’s unemployment rate dropped to 7.3 percent, the lowest in nearly five years. But it fell because more Americans stopped looking for work and were no longer counted as unemployed. The proportion of Americans working or looking for work reached its lowest point in 35 years.
Several economists labeled Friday’s report “a mixed bag,” with one possible concern for the Fed being that most of the hiring in August was in lower-paying industries such as retail, restaurants and bars. This continues a trend that emerged earlier this year. Retailers added 44,000 jobs in August. Hotels, restaurants and bars added 27,000. Temp hiring rose by 13,000
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