The nation's jobless rate dipped to 7.3 percent in August from 7.4 percent in July as 169,000 jobs were added to public and private payrolls, the Bureau of Labor Statistics estimated Friday morning.
The figures were roughly in line with what economists had been expecting to hear.
But buried within the report was a troubling revision: Instead of the 162,000 jobs that BLS thought had been added to payrolls in July, it now estimates that employment grew by just 104,000 jobs that month.
We'll post more highlights from the report, as well as reactions to it and analyses about how policymakers at the Federal Reserve may react, in the coming hour. Be sure to hit your "refresh" button to see our latest updates.
Update at 9:10 a.m. ET. Fed Could Go Either Way?
The report "'is a mixed bag that can be used to support an immediate tapering of the Fed's monthly asset purchases or delaying that move until later this year," Paul Ashworth, an economist at Capital Economics, tells The Associated Press.
Update at 9:05 a.m. ET. "Participation Rate" Lowest In 25 Years:
In what could be a disturbing sign that many Americans are still finding it hard to get work, the report says the labor force "participation rate" last month was 63.2 percent — the lowest it's been since August 1978.
Update at 9 a.m. ET. Will The Fed Hold Off On Dialing Back?
Bloomberg News writes that:
"Fed policy makers have been weighing data to determine whether the economy is strong enough for it to scale back the pace of its $85 billion in monthly bond buying. The Fed said Sept. 4 that the economy maintained a modest to moderate pace of growth.
"Fed Bank of Chicago President Charles Evans, a voter on policy this year, said today the central bank shouldn't taper its $85 billion in monthly bond buying until inflation and economic growth pick up. He has consistently supported record stimulus."