August job growth below expectations
169,000 new jobs added
According to Yahoo! Finance, the number of jobs created in August came in below consensus estimates at 169,000 positions, following a huge downward revision for the month of July, with filings dropping from 162,000 to 102,000.
“The labor market is just bumping along at the bottom of a very deep hole,” Heidi Shierholz, economist at the Economic Policy Institute in Washington says. “We are adding jobs every month. In no way are we in a recession, but we are also not adding enough jobs to dig out of the hole that was caused by the great recession.”