U.S. economy creates fewer jobs than expected in August

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The U.S. economy added 156,000 new jobs in August, falling just short of expectations, according to the jobs report released by the Bureau of Labor Statistics Friday.

The report also said the job growth in June and July was downwardly revised to 210,000 jobs and 189,000 jobs, respectively, reflecting a net downward revision of 41,000 jobs. Compared with a year ago, the average pay in August was up 2.5 percent - the same modest pace in recent months. The US economy needs about 100,000 jobs per month to keep up with population growth.

Mack's story underscores the broader rebound in the manufacturing sector, which lost more than two million jobs in the last recession, but has partly clawed back its way back since then. Construction and manufacturing industries were bright spots, picking up 28,000 and 36,000 workers respectively.

The unemployment rate crept up to 4.4% from the 16-year low of 4.3% reached last month, as fewer adults reported that they had a job during the month.

Economists believe employers generated fewer jobs last month than they did at the start of the summer.

Economists were looking nonfarm payrolls to grow by 180,000 in August while the unemployment rate was expected to hold steady at 4.3% near a post-crisis low.

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The hiring data for August had yet to account for the damage from Hurricane Harvey, whose economic impact will be felt in coming months as more people seek unemployment benefits and industrial production will likely reflect the loss of Texas refineries and factories.

Private employment rose by 165,000 in the latest month, below the 173,000 forecast, and far below the 237,000 reported this week by payroll services firm ADP.

The ranks of the unemployed rose by 151,000 to 7.13 million, while the employment level fell 74,000 to 153.4 million. It indicates that while growth is still ongoing, it's at a fairly slow pace.

Employment in business and professional services and health services had decent growth as well. The average workweek dipped 0.1 hour to 34.4 hours. Wages have risen 2.5% in the past 12 months, unchanged from July.

Average hourly earnings rose by 3c to $26.39 (£20.34), after rising by 9c in July.

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