They didn't close the door to a rate increase in November, which would that depend on what additional economic data has to say about the economy. Last week, the Federal Reserve raised interest rates for a second time this year and hinted that additional rate increases may not be necessary unless the economy shows signs of overheating or if inflation breaks out. The 4.2 percent jobless rate in August, which followed a 4.3 percent rate in July, matched May's level. Before that, unemployment last touched 4.2 percent in February 1970. The economic expansion, the longest in peacetime history, has given the country a low overall unemployment rate.
American workers have opportunities unlike any they have had before.
The 124,000 jobs created in August occurred as gains in computer, data processing, health care and other jobs helped offset continued job losses at factories. Many economists expected around 210,000 jobs to be created last month. The number of service sector jobs increased by 132,000, led by gains in computer services which grew by 15,000 jobs. Doctors' offices, hospitals and other health-care facilities added 19,000 new jobs. Overall retail employment held about steady.