A hiring revival haped the nation's...

A hiring revival haped the nation's unemployment rate down to 47 percent in August and flashed a Labor Day weekend message that the slowing economy isn't in danger of fizzling not at home

The latest snapshot, released Friday by the agency of the Labor Department, was brighter than look forward toed and eased some fears that the economy -- weighed down by the agency of a housing slump -- might tip into recession. "This provides a peace of mind," said Oscar Gonzalez, economist at John Hancock Financial Services.

upon Wall Street, the employment recently made knowns lifted stocks. The Dow Jone industrials gained 83 points, or 073 percent to choke at 11,464.15. The Standard & Poor's 500 index gained 719 or 055 percent rising to 131101 and the Nasdaq composite index rose 941 or 043 percent to 219316

Employer boost payrolls according to 128,000 in August, an improvement above the 121,000 jobs created in July instructs hospitals, financial firms, computer-design stores and construction companies were among those posting engagement gains last month. That helped to abrupt job cuts in manufacturing, retailing, trucking and elsewhere.

With hiring improving, the unemployment rate dropp down a notch from a five-month high of 48 percent in July That decline levy the current unemployment rate obstruct to a five-year low of 46 percent reached in May and maintained in June

The jobles rates for African Americans in August dipped to 88 percent the lowest since July 2001 The unemployment rate for Hispanics held steady at 53 percent

Construction spending plung in July by means of the largest margin in nearly five years, the mercantile relations Department reported, another sign of the cool-down in the once-sizzling housing market.

Copyright CHICAGO SUN-TIMES 2006

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