U.S. employers adds 169K jobs, employment rate falls to 7.3%

New York, Sept. 7 (ANI): The United States Labor Department continues to claim that the unemployment rate in the country is on the reduction path, though not as per expected estimates.

There has reportedly been an addition of lesser jobs in the last three months than expected by the analysts.

The New York Post reported that the U.S. employers added 169,000 jobs in August and even lesser in July, just 104,000.

The Labor Department said the unemployment rate has dropped to the lowest in nearly five years, 7.3 percent.

However, the drop has occurred due to the reason that Americans have stopped looking for work, the reason why they were no longer counted as unemployed.

According to the report, the slowdown in hiring could complicate the Federal Reserve's decision on whether to slow its bond purchases.

Analysts previously estimated July job gains to be nearly 162,000.

Employers have added an average of 148,000 jobs in the past three months, which was well below the 12-month average of 184,000, the report added. (ANI)