Job growth slows sharply in August
WASHINGTON (MarketWatch) — Job growth slowed sharply in August, the Labor Department said Friday. Total nonfarm payrolls increased by 96,000, lower than the 125,000 gain expected by Wall Street economists. Adding to the sense of weakness, job growth in the past two months were revised down by 41,000. The unemployment rate declined to 8.1% in August from 8.3% in the previous month but the drop was due to a smaller labor force. Economists forecast the unemployment rate to hold steady at 8.3%. Average hourly earnings were flat at $23.52. Earnings are up 1.7% in the past year. The average workweek was unchanged at 34.3 hours.