The labor market fell short of economists’ expectations, with only 130,000 jobs created in the month of August, only 96,000 of which came from the private sector.
Ian Shepherdson, chief economist at Pantheon Macroeconomics, characterized the report as “ominous” in a research note.
The unemployment rate remained at 3.7 percent, and other statistics painted a mixed picture of the health of the jobs market: The labor force participation rate ticked up to 63.2 percent, but the U-6, a broader unemployment measure, rose from 7 percent to 7.2 percent. Data from payroll processor ADP released earlier this week painted a more optimistic picture, though. It showed that the private sector added 195,000 jobs in August, 55,000 more than expected by economists.
For employers, it can be