US unemployment falls to 5.1% despite drop in jobs growth

Federal Reserve
Federal Reserve, Washington, DC

The United States unemployment rate dropped to 5.1% in August, the midpoint of Fed officials' projections for the long-run rate, despite non-farm payrolls increasing by just 173,000, the latest jobs report revealed today (September 4).

The report is closely watched for an indication of whether the labour market is showing the "further improvement" necessary for the Federal Open Market Committee (FOMC) to begin raising interest rates.

While the headline figure was lower than the market consensus,

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