Although job growth slowed to its lowest rate of the year last month, the unemployment rate still continued a downward slide to a seasonally adjusted 6.1% in August from 6.2% in July.
According to the Wall Street Journal, “For the first eight months of the year, the U.S. has added some 215,000 jobs a month, the best annual pace since hiring averaged 265,000 jobs every month in 1999.” In addition, the August jobs report indicated that the number of people who had been out of work for more than six months fell by around 200,000 to just under 3 million—down from 4.3 million at this time last year.
Of those people working part-time who would like a full-time job, the figure slightly improved to 12% in August. But 60,000 people also fell out of the labor force in August. This lowered the labor-force participation rate down to the lowest level since the late 1970s, at 62.8% participation.