03.09.202112:35:00UTC+00U.S. Employment Rises Far Less Than Expected In August

U.S. job growth fell well short of economic estimates in the month of August, according to a closely watched report released by the Labor Department on Friday.

The Labor Department said non-farm payroll employment rose by 235,000 jobs in August after soaring by an upwardly revised 1.053 million jobs in July.

Economists had expected employment to jump by about 750,000 jobs compared to the spike of 943,000 jobs originally reported for the previous month.

Despite the much weaker than expected job growth, the unemployment rate fell to 5.2 percent in August from 5.4 percent in July, matching economist estimates.