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U.S. Economy Adds 169,000 Jobs as Unemployment Rate Falls U.S. Economy Adds 169,000 Jobs as Unemployment Rate Falls
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The nation’s employers added 169,000 jobs in August, slightly below what economists were expecting, and the unemployment rate ticked down to 7.3 percent from 7.4 percent. The nation’s employers added 169,000 jobs in August, slightly below what economists were expecting. The unemployment rate ticked down to 7.3 percent from 7.4 percent, but it fell largely because people dropped out of the labor force and so were no longer counted as unemployed.
The growth was about in line with the average hiring rate seen so far this year, which has been mediocre but steady. If the economy were to fill the jobs gap left by the recession within the next four years, around 300,000 jobs a month would need to be created, according to the Hamilton Project at the Brookings Institution. In fact, the share of working-age Americans who were either working or looking for work was at its lowest level since 1978, a time when women were less likely to be participating in the labor force.
The report also contained large downward revisions to job growth in July and June. August’s growth was about in line with the average hiring rate so far this year, which has been steady but mediocre. If the economy were to fill the jobs gap left by the recession within the next four years, around 300,000 jobs a month would need to be created, according to the Hamilton Project at the Brookings Institution.
The latest numbers leave in question whether the Federal Reserve will start scaling back its stimulus measures after it meets Sept. 17-18, as Wall Street seems to expect. The Fed has been buying long-term Treasury bonds and mortgage-backed securities in order to keep long-term interest rates low, and the Fed chairman, Ben S. Bernanke, has said that the central bank will reduce the rate of those purchases “later this year.”
Friday’s somewhat disappointing jobs report, released by the Labor Department, came on the heels of some positive economic reports that had helped reinforce Wall Street expectations that “tapering” would come in September.
“We still expect the Fed to go ahead with the taper later this month,” said Paul Ashworth, chief United States economist at Capital Economics. But he acknowledged that the latest jobs report was “mixed bag that can be used to support an immediate tapering of the Fed’s monthly asset purchases or delaying that move until later this year.”
Health care, retail and food services were among the industries that added jobs, while payrolls fell in the information industry. Government employers, which have generally been shrinking in the last few years, added workers in August.
Employment gains in the recovery have been disproportionately in lower-wage sectors like food service and retail, causing concern about not only the quantity of the new jobs but also their quality. The industries are more likely to hire part-time workers and operate on just-in-time schedules, making it difficult for employees to predict how many hours they will have from week to week.Employment gains in the recovery have been disproportionately in lower-wage sectors like food service and retail, causing concern about not only the quantity of the new jobs but also their quality. The industries are more likely to hire part-time workers and operate on just-in-time schedules, making it difficult for employees to predict how many hours they will have from week to week.
“It’s really frustrating not knowing whether I’ll have money to pay rent and my bills,” said Charles Eden, 20, who works at a Wendy’s in St. Louis for $7.60 an hour. Last week, he had 30 hours; this week, 12. Ideally, he wants 40. “It’s really hard to find a second job not knowing whether I can work or whether I can’t work in a given week.”“It’s really frustrating not knowing whether I’ll have money to pay rent and my bills,” said Charles Eden, 20, who works at a Wendy’s in St. Louis for $7.60 an hour. Last week, he had 30 hours; this week, 12. Ideally, he wants 40. “It’s really hard to find a second job not knowing whether I can work or whether I can’t work in a given week.”
The labor force participation rate remains low, partly a function of the aging work force and partly workers sitting on the sidelines as they wait for the economy to heal. Some who took shelter from the poor job market by enrolling in college and retraining programs these last few years are finally starting to cycle back into the work force, and the lucky ones are finding new opportunities. As of August, there were 7.9 million Americans who wanted to work full time but could find only part-time work. When these workers and people who want a job but have stopped looking are included, the total underemployment rate rises to 13.7 percent.
The labor force participation rate remains so low partly because the population is aging and partly because workers are sitting on the sidelines as they wait for the economy to heal. Some who took shelter from the poor job market by enrolling in college and retraining programs these last few years are finally starting to cycle back into the work force, and the lucky ones are finding new opportunities.
“I have people call me all the time now wanting to give me a job, and I have to say, O.K., thank you, but I think I have enough jobs now,” said Jordan Douglas of Pampa, Tex., a single mother working 60 to 70 hours a week in three jobs as a registered nurse.“I have people call me all the time now wanting to give me a job, and I have to say, O.K., thank you, but I think I have enough jobs now,” said Jordan Douglas of Pampa, Tex., a single mother working 60 to 70 hours a week in three jobs as a registered nurse.
Ms. Douglas, 25, was laid off from a nursing home in February 2012 and struggled to find work. She decided to enroll in school full-time after finding a program that allowed her to continue receiving unemployment benefits while in training.Ms. Douglas, 25, was laid off from a nursing home in February 2012 and struggled to find work. She decided to enroll in school full-time after finding a program that allowed her to continue receiving unemployment benefits while in training.
“I couldn’t have been where I am today had I not gone back to school, and I couldn’t have gone back to school if I hadn’t gotten laid off,” she said. “I didn’t know it at the time, but it worked out perfectly. I have been so blessed.”“I couldn’t have been where I am today had I not gone back to school, and I couldn’t have gone back to school if I hadn’t gotten laid off,” she said. “I didn’t know it at the time, but it worked out perfectly. I have been so blessed.”