U.S. payrolls grew by a weaker-than-expected 96,000 in August, but the unemployment rate fell to 8.1 percent, Labor Department says
- Economists polled by Reuters and Bloomberg had predicted that employers would add 125,000 workers. The economy added 141,000 jobs in July.
- The two-tenths of a percentage point drop in the unemployment rate from July's 8.3 percent rate was not a sign of hidden strength but instead reflected an exodus of job seekers from the labor market.
- The anemic jobs report comes as the Federal Reserve is set to hold a two-day meeting on Sept. 12-13 to consider whether to take further actions to boost growth. Economists are mixed on whether the central bank might announce a new round of bond buying or other steps.
- On the heels of President Obama's convention speech laying out his case for re-election, the report reinforces signs of a lackluster economy.
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