The BLS has just released the August employment data and the indications are of a status quo economy: the unemployment rate down by 0.1% to 7.3% with an 169,000 increase in employment. Economists had expected an increase of 180,000. The average rise in payrolls so far this year has been 192,000 jobs a month. BLS also revised the job growth in July downward.
The potentially good news is that the total number of involuntary underemployed (part time for economic reasons) declined dramatically in August. This was due to a sharp drop in those on slack work. The number of workers who could only find part time
work rose slightly. The drop in slack work may signal an increase in production.