U.S. payrolls grew at a slower but solid pace in August while measures of labor slack were little changed, signs the job market is cooling as the economy approaches full employment.
Payrolls climbed by 151,000 last month following a 275,000 gain in July that was larger than previously estimated, a Labor Department report showed Friday in Washington. The median forecast in a Bloomberg survey called for 180,000. The unemployment rate and labor participation rate held steady, while wage gains moderated and hours worked were the lowest since 2014.
The August figure is consistent with a simmering-down of payrolls growth so far this year as the world's largest economy slogs through a period of weak investment and some companies have difficulty finding workers. Analysts were divided on whether the report gives Federal Reserve officials a green light to raise the benchmark interest rate in September for the first time in 2016, while futures traders slightly pared bets on a move.
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