NEW YORK (CNNMoney) – The labor market lost momentum last month as job growth fell to a disappointingly slow pace.
The unemployment rate fell, but that was largely due to people who stopped looking for jobs.
The economy added 96,000 jobs in August, down from 141,000 jobs in July, the Department of Labor said Friday. Economists polled by CNNMoney were expecting 120,000 jobs to be added in the month.
Meanwhile, the unemployment rate fell to 8.1%, from 8.3% in July.The drop in unemployment was caused because 368,000 people stopped looking for work and therefore were no longer counted in the survey. Economists often say at least 150,000 jobs need to be created each month to simply keep pace with the growing population.
This morning on "Starting Point," CNN chief business correspondent Ali Velshi reports on the latest jobs numbers and how it compares to months past, while Dana Bash, David Frum & Ron Brownstein discuss the political implications of the jobs report on the presidential race.