Unemployment Hits 7-Year Low

Employers add 173K jobs as rate falls to 5.1%
By Newser Editors and Wire Services
Posted Sep 4, 2015 7:53 AM CDT
In this file photo, people wait in line to meet with recruiters during a job fair in Philadelphia.   (AP Photo/Matt Rourke)

(Newser) – Hiring was relatively weak in August, but the 173,000 jobs added by US employers were enough to bring the nation's unemployment rate down to its lowest level in seven years, reports AP. The Labor Department said today the rate dropped from 5.3% to 5.1%, a level it hasn't reached since April 2008. That's lower than expected and, combined with upward revisions for previous months, provides further evidence that the "labor market is firming," notes the Wall Street Journal. The big question: Will that sway the Fed to raise interest rates later this month? (Read more jobs report stories.)

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