"Given the August payroll report's tendency to underwhelm, the size of the miss likely had many breathing a sigh of relief," he said.
Economists, he said, had predicted an increase of 180,000 jobs.
An analysis by Wells Fargo bank economists put the break-even number at about 90,000. That's the number of jobs that have to be produced each month to keep the unemployment rate at its current level while accommodating population growth.
"As we head into
Hiring expanded in retail -- particularly driven by increases in building material stores -- while department store payrolls continued to decline. There were jobs in accounting, insurance and engineering, but temporary hiring dropped.
Health care continued to grow, although nursing home hiring fell by 9,200 jobs. Government hiring grew, but there were drops in manufacturing and construction.
While the unemployment rate stayed the same, the number of unemployed people grew by 79,000 to 7.85 million, down from 8 million a year ago, but up from last month's 7.8 million.
Unemployment rose for
The ranks of the long-term unemployed remain at about 2 million, with one in four unemployed out of work for more than six months. That has not shifted much over the year.
Average hourly earnings for all employees rose by
"A more plausible explanation is that the strong job market momentum of the past two years is slowing," Behravesh wrote. "This means that the ultra-strong jobs gains of June and July were anomalies (as was the very weak gain in May).
"All this points to an economy that is reaching a steady, if unexciting, cruise speed of between 2 percent and 2.5 percent," he wrote.
Analysts and economists differ on whether this report will influence the
That's the rate at which banks borrow from the
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