The American economy hit a little bit of a speed bump in August, according to the monthly jobs report released this morning. According to the Bureau of Labor Statistics, we created just 173,000 jobs in August, the smallest number since March. But the overall unemployment rate fell from 5.3 percent to 5.1 percent, the lowest it's been since April 2008.
The disappointing August numbers should be taken with a grain of salt. August's employment numbers have ended up getting revised upward in 17 of the last 20 years. Since 2009, the Labor Department's initial August report has later been revised to add a total of 440,000 new jobs.
For this August, health care was the sector that added the most jobs, with 56,000. Financial activities added 19,000, including 8,000 for real estate and 5,000 for securities, commodity contracts and investments. The biggest loser among the sectors was manufacturing, which decreased by 17,000.