US economy adds 235,000 jobs in August
The US economy added 235,000 jobs in August. That is the eighth consecutive month that the number of jobs has increased, but the rise was far below market expectations of around 700,000. The Labor Department released the figures in a report on Friday.
By industry, the number of jobs in transportation and warehousing increased while those in retail trade fell. In recent months, the leisure and hospitality had increased employment, but in August it remained unchanged. The report said the overall unemployment rate dropped from 5.4 percent to 5.2 percent.
President Joe Biden says the numbers prove his economic plan is working despite the coronavirus pandemic. He says the report shows that his rescue plan and the vaccinating of 175 million people makes the economy capable of growing and adding jobs even in the face of this continuing Delta surge. US Federal Reserve Chair Jerome Powell said last week that officials may start scaling back stimulus programs by the end of the year.
The Fed is expected to carefully consider when and how to make a specific change in monetary policy after its regular meeting later this month.
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