SAN FRANCISCO (KCBS) – Investors are giving the thumbs down to the August jobs report, which came in with a weaker than expected gain of 173,000 jobs.
However, Labor also made significant upward revisions to June and July, so in the end, the report was in line with forecasts.READ MORE: Tsunami Alert Forces Daylong Evacuation of Berkeley Marina
Wages were up slightly and the unemployment rate fell to a seven year low and, unlike in the past when drops in the jobless rate was an indicator of fewer people looking for work, the labor force participation rate stayed flat in August.READ MORE: Pacific Tsunami Update: Waves Surge Onto Bay Area Beaches Following Huge Tonga Volcano Blast
Gains were made across most industries, with manufacturing a notable disappointment,
Analysts have said that it would’ve taken a big beat on the jobs report to compel the Fed to raise rates later this month, something that a growing number of investors are looking forward to, as the uncertainty as to when that will happen is starting to gnaw away at confidence in the market.MORE NEWS: Bengals Stop Late Raiders Rally; Vegas One and Done in Playoffs