Dados EUA 13:30 - Unemployment rate falls

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Unemployment rate falls

But job growth slows from July, coming in below forecasts, giving mixed picture of labor market.

September 2, 2005: 8:57 AM EDT

NEW YORK (CNN/Money) - U.S. employers added fewer jobs in August, the government reported Friday, but a lower unemployment rate gave a mixed picture of the nation's labor market.

The economy created 169,000 jobs in August, compared to a revised gain of 242,000 in July, the Labor Department said. Economists surveyed by Briefing.com had forecast a gain of 190,000 jobs in the month.

The unemployment rate edged down to 4.9 percent from the 5.0 percent reading in July. Forecasts had been for the unemployment rate to stay unchanged. It marked the lowest unemployment rate in four years, marking the first time since before the Sept. 11 terrorist attack that the rate has been below 5.0 percent.

The report is based on surveys taken by the Labor Department the week of Aug. 12, so the impact of Hurricane Katrina, and the subsequent spike in gasoline and energy prices, were not factored into the report.

The manufacturing sector saw a 14,000 net decline in jobs in August, but other major sectors showed gains, with leisure and hospitality gaining 34,000 jobs, construction employment up 25,000 and retailers adding 12,000 jobs, the department said.

The unemployment rate is based on a survey of households, rather than the employer survey which is used to judge the net change in payrolls. Economists generally consider the household survey less reliable.

Despite the improving unemployment rate, average hourly wages rose just 2 cents, or 0.1 percent, to $16.16. That was less than the 0.2 percent gain forecast by economists.