The August jobs report released Friday yielded disappointing numbers for the economy, with only 169,000 jobs added last month. In addition, the number of jobs added in July was revised from 162,000 to 104,000. The unemployment rate dropped to 7.3 percent, but this is largely attributed to the continued stream of Americans leaving the workforce rather than an increase in hirings. The labor force participation rate, which measures the percentage of Americans with a job or looking for work, dropped from 63.4 to 63.2 percent. This is the lowest the participation rate has reached since 1978.

Despite the discouraging numbers, some economists still believe that the Federal Reserve will move forward with plans to slow down the stimulus program. Federal Reserve chairman Ben Bernanke said that the government's asset purchases will end completely mid-2014, when the unemployment rate is expected to reach 7 percent.

“There seem to be enough people on the committee who are sufficiently enamored with the idea that that falling labor force participation is permanent, that they’re probably not too worried about that factor,” economist Ian Shepherdson told The New York Times.

“For the record, I don’t think they should, given the risks posed by Syria and the impending fiscal chaos in Washington. The costs of delaying until some of those factors are sorted out is not very great. But the Fed has given no indication it’s thinking that way.”

 

Read the full jobs report from the Bureau of Labor Statistics here.

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