On Friday, the Labor Department reported that the economy gained just 142,000 jobs in August. The number was a big disappointment, as economists had been expecting a gain of around 230,000. The unemployment rate for the month was unchanged at 6.1%.
Friday’s report snaps a 6-month streak of monthly job gains above 200k. It should also put to rest any belief that the economy is finally posed for an economic “breakout” after a very slow first quarter of the year.