Employers added an additional 173,000 workers in August and the jobless rate fell to 5.1 percent, the lowest since April 2008 and a level that the Federal Reserve considers to be full employment.
Job gains are less than forecast, followed advances in July and June that were stronger than previously reported, the Labor Department said Friday. Average hourly earnings climbed more than forecast and workers put in a longer workweek, the report showed.
Persistent hiring indicates employers were upbeat about America’s demand prospects leading up to mounting concerns of further deterioration in emerging economies. Fed policy makers meeting in less than two weeks will weigh resilient U.S. employment conditions against the recent turmoil in world financial markets as they debate the timing of any interest-rate increase.