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September 2, 2006
WASHINGTON -- A hiring revival pulled the nation's unemployment rate down to 4.7% in August and flashed a Labor Day weekend message that the slowing economy isn't in danger of fizzling out.
The latest snapshot, released Friday by the Labor Department, was brighter than expected and eased some fears that the economy -- weighed down by a housing slump -- might tip into recession.
"This provides some piece of mind," said Oscar Gonzalez, economist at John Hancock Financial Services.
Employers boosted payrolls by 128,000 in August, an improvement over the 121,000 jobs created in July. Schools, hospitals, financial firms, computer-design shops and construction companies were among those posting employment gains last month. That helped to blunt job cuts in manufacturing, retailing, trucking and elsewhere.
Michigan's July unemployment rate, the most recent measure, was 7.0%.
With hiring improving, the national unemployment rate dropped a notch from a five-month high of 4.8% in July. That decline put the current unemployment rate close to a five-year low of 4.6% reached in May and maintained in June.
The jobless rate for blacks dipped to 8.8% in August, the lowest since July 2001. The unemployment rate for Hispanics held steady at 5.3%.
Although economists pointed to the employment figures as evidence that the economic expansion, which began in late 2001, remains intact, there is an obvious weak spot in the housing market.
July construction spending plunged by the largest margin in nearly five years.
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