U.S. job growth slowed in August, but the unemployment rate dropped to a near 7-1/2-year low and wages accelerated, keeping alive prospects of a Federal Reserve interest rate hike later this month. Nonfarm payrolls increased 173,000 last month after an upwardly revised gain of 245,000 in July, the Labor Department said on Friday. August's gain was the smallest in five months as the factory sector lost the most jobs since July 2013.
(Reuters) - U.S. stock indexes dropped almost 2 percent on Friday as a mixed August jobs report did little to quell investor uncertainty about whether the Federal Reserve will increase interest rates this month.
NEW YORK/RICHMOND, Va. (Reuters) - The latest U.S. jobs report was not definitively good or bad enough to help the Federal Reserve decide whether to raise interest rates later this month, leaving the decision hanging on volatility in financial markets over the next couple of weeks. The economy added 173,000 jobs in August, quite a bit fewer than expected. With global stock and currency markets reeling over the last two weeks, the report is probably the best and last direct reading on the economy as Fed officials weigh whether to hike rates at a much-anticipated meeting on Sept. 16-17.
European regulators have expressed concerns over the combined company's control of the gas turbine market. In May, GE told investors it expects $3 billion in cost reductions over the next five years as it combines its operations with those of Alstom, more than double the previous target when the deal was first announced in April 2014. Outside of France, GE said last year that 18,000 of Alstom's 65,000 total employees involved in the deal worked in Europe, where works councils can make job cuts difficult.