U.S. job creation grew at a distressingly slow pace in August, as employers added just 96,000 positions and more discouraged people stopped looking for work, the Labor Department reported Friday.
Despite the weak growth, the unemployment rate dipped from 8.3 to 8.1 percent. But even that was bad news. The jobless rate shrank only because more than 300,000 workers dropped out of the labor force in August, following a trend that has accelerated with the nation’s economic problems. The Labor Department counts only those who are actively seeking a job as unemployed.
The report also said that 41,000 fewer jobs were created in July and June than first estimated. The revisions mean that employers have added just 139,000 jobs a month since the beginning of the year, below last year’s average of 153,000.
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