Hiring Remains Sluggish While Many Stop Looking for Work
Hiring continued at a sluggish pace in August and the unemployment
rate fell as people dropped out of the labor force, according to the
Department of Labor Friday.
They reported that the U.S. economy added 169,000 jobs in August, but say the economy needs at least 200,000 new jobs each
month to keep up with population growth.
The Labor Department
says the 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 fell to its lowest level in 35 years.
in hiring could complicate the Federal Reserve's decision later this
month on whether to slow its bond purchases.