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From ABC News headquarters in New York City, this is GMA3.

We're going to start here with another weaker than expected jobs report. The numbers were released this morning and Elizabeth Shulsey is here to break

them down. So we've now had a few months of this Elizabeth disappointment. We have. And what we're

seeing guys is really a dramatic slowdown in the jobs market. Just 22,000 jobs were added in August. That is well below what the expectation was. And what we're seeing is that the unemployment rate also ticked up. It's now 4.3% that is the highest in nearly four years. So still a historically low rate. But what this means is if you're looking for a job, it's a lot harder to get one right now. It's going to take you a lot longer. We're actually seeing this trend called job hugging, where if you have a job, you're holding on to it, you're a lot less likely to quit because you're worried it might be harder to get a new one. So bottom line, this is an economy where there's not a lot of firing happening, so that's good, but there's also not a lot of hiring happening.

That's obviously not a good job.

Hugging.

It's especially tough.

There's a lot of college graduates who are still looking for work right now.

I'm always recommending to touch base with those contacts.

Those are your first point of contact in a market like this.

And there's broader implications for the economy as a whole and the holiday season, which,

yes, it is truly right around the corner.

Always implications for what it means for how much people spend if they have a job or if they don't.

What this report does is keep the Federal Reserve on track to cut interest rates in just a couple of weeks.

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