9/5/14, "U.S. Payroll Rise Is Weakest This Year at 142,000 for August," Bloomberg Business Week,
American employers hired fewer workers than forecast in August and
the jobless rate dropped because people left the workforce, bolstering
those on the Federal Reserve who want to be more deliberate in removing
The 142,000 advance in payrolls was the
smallest this year and followed a revised 212,000 gain in July, figures
from the Labor Department showed today in Washington. The reading was
lower than the most pessimistic estimate in a Bloomberg survey of
economists. The unemployment rate fell to 6.1 percent last month from
6.2 percent, reflecting a drop in joblessness among teenagers as well as
the decline in labor participation....
Among the industries that
dragged down overall payroll growth in August were retail,
transportation and manufacturing....
median projection in the Bloomberg survey of 91 economists called for a
230,000 increase in August payrolls. Estimates ranged from increases of
190,000 to 310,000 after a previously reported 209,000 July gain.
Revisions to prior reports subtracted a total of 28,000 jobs from
overall payrolls in the previous two months.
The participation rate, which indicates the share of working-age people
in the labor force, decreased 0.1 percentage point to 62.8 percent,
matching the lowest since 1978....
increased 134,000 in August, also the smallest gain this year.
Employment at private service providers increased 112,000, while
payrolls were unchanged at factories. Construction companies added
20,000 workers and retail employment dropped by 8,400 in August.
decline in employment in the retail trade industry reflected a 17,100
decrease in payrolls at grocery stores....
stores also cut back in August, today’s figures showed....
purchases unexpectedly decreased 0.1 percent in July, the first drop in
six months, after rising 0.4 percent the prior month, according to
Commerce Department data. Incomes rose at the slowest pace of the year,
and savings climbed to the highest level since the end of 2012."...