The U.S. unemployment rate fell to a seven-year low in August as employers added a modest 173,000 jobs.
The jobless rate fell to 5.1% — a level the Federal Reserve says is consistent with a normal economy — from 5.3% in July, the government said Friday. It’s the lowest unemployment rate since April 2008.
Though hiring in August was the slowest in five months, the government revised up its estimates of job growth for June and July by a combined 44,000. From June through August, a robust 221,000 jobs a month were added, up from an 189,000 average from March through May. Three years of solid hiring have put 8 million Americans to work.
