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U.S. Unemployment Rate Declines to 7.3%
The American economy added 169,000 jobs in August, the Dept. of Labor reports.
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The American economy added 169,000 jobs in August, the Dept. of Labor reports.
At that rate, economists estimate it would take about a year for the job market to return to pre-recession levels.
The country's unemployment rate improved to 7.3% from 7.4% in July, according to the Labor Dept. August's reading is the lowest since December 2008.
But analysts say some of the decline was caused by people dropping out of the labor force. They add that many of the jobs created this year have been part-time or in low-paying sectors such as retail, restaurants and temporary services.
The Federal Reserve, which is closely watching the labor market, is likely to reduce its $85-billion monthly bond-buying program when it meets later this month, economists predict. They note that scaling back those purchases could put upward pressure on consumer and business loan rates.
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