U.S. Work Force Rate: 63.2%, Lowest Since 1978-UNEMPLOYMENT RATE ACTUALLY 8.6% ACCORDING TO GALLUP POLL

by Shobhana Chandra & Victoria Stilwell
Bloomberg
September 6, 2013

Payrolls in the U.S. climbed less than projected in August and gains in the prior two months were revised down, indicating companies are being deliberate in their hiring as they wait for a pickup in demand. The unemployment rate unexpectedly fell as more people left the labor force.

The addition of 169,000 workers last month followed a revised 104,000 rise in July that was smaller than initially estimated, Labor Department figures showed today in Washington. The median forecast of 96 economists surveyed by Bloomberg called for an August increase of 180,000. Unemployment dropped to 7.3 percent, the lowest since December 2008.

Treasuries rose as investors curbed bets that the Federal Reserve will start to reduce its $85 billion monthly pace of bond purchases at its Sept. 17-18 meeting.

The rate was driven lower as the share of working-age people in the labor force declined. The so-called participation rate, decreased to 63.2 percent, the lowest since August 1978, from 63.4 percent.

READ GALLUP: U.S. Unemployment, Seasonally Adjusted