U.S. Employment Jumps Slightly Less Than Expected In August

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A closely watched report released by the Labor Department on Friday showed employment in the U.S. jumped by slightly less than expected in the month of August.

The Labor Department said non-farm payroll employment surged up by 1.371 million jobs in August compared to economist estimates for a jump of about 1.400 million jobs.

The report also showed the spike in employment in July was downwardly revised to 1.734 million jobs from the previously reported 1.763 million jobs.

Meanwhile, the Labor Department said the unemployment rate dropped to 8.4 percent in August from 10.2 percent in July, while economists had expected the rate to dip to 9.8 percent.

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