US employers add 169K jobs, rate falls to 7.3 pct. - KTVN Channel 2 - Reno Tahoe Sparks News, Weather, Video

U.S. Employers Add 169,000 Jobs, Rate Falls to 7.3%

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U.S. employers added 169,000 jobs in August and much fewer in July than previously thought. The slowdown in hiring could complicate the Federal Reserve's decision later this month on whether to slow its bond purchases.
 
The Labor Department says the unemployment rate dropped to 7.3%, the lowest in nearly five years. But it fell because more Americans stopped looking for work and were no longer counted as unemployed. The proportion of Americans working or looking for work fell to its lowest level in 35 years. 
 
July's job gains were just 104,000, the fewest in more than a year and down from the previous estimate of 162,000.  
 
Employers have added an average of 148,000 jobs in the past three months, well below the 12-month average of 184,000. (AP)

Nevada Senator Harry Reid released the following statement on the August employment report:

"Today's employment report shows that we are moving in the right direction, but not fast enough. Congress has a choice when it comes to the economy: we can choose policies that accelerate job creation and expand the middle class, or the path to European-style austerity favored by Tea Party Republicans.

"The last time our Republican colleagues decided to play chicken with the full faith and credit of the United States, our nation's credit was downgraded and the recovery slowed down to a trickle. For the sake of the middle class, Republicans should put our nation's economic well-being ahead of the Tea Party's desire to manufacture crises at every turn. I hope that in the weeks ahead Republicans will join Democrats in advancing an agenda that replaces the sequester with smart spending cuts and policies that close wasteful tax loopholes and ask millionaires to pay their fair share. The choice is clear."

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