U.S. adds 169,000 new jobs in August

PanARMENIAN.Net - The U.S. added 169,000 new jobs in August, fewer than expected by many analysts, according to BBC News.

The addition of new jobs helped the unemployment rate fall to 7.3%, down from 7.4% in July. But the U.S. Labor Department said this was because more Americans stopped looking for work.

The monthly data from the U.S. Labor Department is one of the most closely watched U.S. economic indicators. It comes ahead of the September meeting of the U.S. Federal Reserve, at which policymakers are widely expected to begin cutting stimulus measures.

The Fed is buying $85bn in assets every month as a way of supporting the economy, but senior figures at the reserve bank have already indicated their intention to roll back the program in the coming months.

Analysts had expected about 180,000 jobs to be added in August.

The Labor Department also revised down the number of jobs added in July, from 162,000 to just 104,000 - the fewest in more than a year.

According to the National Statistical Service, Armenia posted 16.9 percent unemployment rate in the Q1 2013, with 3.2 percent year-over-year drop reported.

23.3 percent jobless rate was recorded in Armenian cities, down from 28.8 percent in Q1 2012, with villages posting 8 percent, up from 6.9 percent last year.

Employment agencies reported about 68,400 jobseekers. The Service listed 1,359,600 economically active people in Q1 2013, with the number dropping 4.5 percent against last year.