U.S. Gains 173,000 Jobs In August; Unemployment 5.1%

The U.S. economy created a modest 173,000 new jobs in August to mark the smallest gain in five months, but the unemployment rate fell to 5.1% from 5.3%, the government said Friday. That's the lowest level since April 2008. Economists polled by MarketWatch had expected a gain of 213,000 nonfarm jobs. On the more positive side, employment gains for July and June were revised up by a combined 44,000. The Labor Department said 245,000 new jobs were created in July instead of 215,000. June's gain was revised up to 245,000 from 231,000.