August Unemployment Rate Dips to 4.7%

U.S. companies added 128,000 workers in August, pushing the unemployment rate down to 4.7% for the month, the Labor Department reported Friday.

The declines follow an increase of 113,000 jobs in July, but an increase in the unemployment rate to 4.8%.

Bloomberg News said analysts expected the figures to rise to 125,000 and 4.7% respectively.

The unemployment rate is based on a survey of households. The number of payroll jobs added is determined by a separate survey of business and government establishments.

Because employment levels drive so much economic activity, an increase in employment can help consumer confidence and spending patterns, which affect trucking demand.