US Creates Weaker-than-expected 151,000 Jobs In August

WASHINGTON, (APP - UrduPoint / Pakistan Point News - 2nd September, 2016) - US job creation slowed in August, adding 151,000 new positions for the month, according to data released Friday by the Labor Department.

The total represented a precipitous drop from July's revised total of 275,000 and was also well below analyst expectations. The unemployment rate remained steady at 4.9 percent for the third month in a row, with the number of long-term unemployed unchanged at 2 million people.

The mining sector continued to shed jobs since reaching a peak in 2014, losing 4,000 more positions in the month. Employment levels in industries such as construction, manufacturing, retail and transportation were flat.

However, other sectors continued to trend higher, with gains in health care, with 14,000 more jobs, food and services, which added 34,000 positions, and the financial sector, which rose by 15,000.

Over the past 12 months, monthly jobs gains have averaged 204,000, according to the department. Average hourly earnings rose a meager 3 cents to $25.73, putting them up 2.4 percent for the year.

While July's figure of 275,000 was revised upward from an already-strong 255,000 -- a surprising number which produced near euphoria when it was released -- June's number was revised again, bringing it down from 292,000 to 271,000.