Hiring Slows In August

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The latest numbers from the United States Labor Department show employers added 151,000 jobs in August. That may seem like a lot, but it’s about half of what was added in July and June. Michigan News Network business editor Murray Feldman says people were hired in food service and technology, while manufacturing and mining jobs went down.

“That’s related to the oil prices,” Feldman said. “Low oil prices make it hard for the oil-producing companies to process their products there, and so they have been laying off people.”

The weaker hiring pace may make it less likely the Federal Reserve will raise short-term interest rates. Its next meeting is in mid-September.