In reaction to that jobs number, it was off about 350 points midday. The nasdaq dropped 49, and the s p 500 fell 29. The concern in the markets is what it has always been, the timing of a rate hike. And the stronger the number, the greater the possibility the fed could raise rates at its next meeting in just two weeks time. The economy created 173,000 new jobs last month. Fewer than expected. However, the Unemployment Rate at 5. 1 was the lowest in more than seven years. But as Hampton Pearson tells us, what the fed does next is anything but definitive. Reporter in august, headline unemployment fell to a sevenyear low, but hiring was the slowest in five months. However, job growth for the last three months has averaged 221,000, after the government revised job growth upward for june and july by 44,000. But wage growth at just over 2 over the last year is still below normal for recovery. Lots of americans remain on the sidelines. At 62. 6 , the Labor Force Participation rate remains at a 38year low. Enough ammunition leading economists, say, for Monetary Policy makers on both sides of the debate for raising interest rates. Theres reason for anxiety when we get a lower than expected number for this. Especially with the Unemployment Rate, its Strong Enough to get the fed to move. Reporter Health Care Leads the way for job growth, creating nearly half a million new jobs so far this year. What were aiming to do is create a comfortable highquality, hightouch setting, so that patients feel really comfortable, have easy access to their doctors and primary care providers. Reporter this doctor is on the front lines of the makeover of the 125 billion primary care business. Running the washington, d. C. , offices of one medical group, the Fastest Growing primary care network in the country with 40 locations in seven metro areas. Patients can book sameday appointments through the companys online and mobile apps. As well as use customized Electronic Medical records. The goal, to make the doctor patient relationship more efficient. Among the more 300 new workers hired nationwide this year, is sarah mccormack, an experienced nurse, being given a chance to reinvent her job. Im used to seeing patients on the back end of things when the problems have already created, and theyre in the hospital. Reporter heading into labor day, 8 million americans have found jobs in the last three years. And the Unemployment Rate is at its lowest level since 2008. But even top government officials agree wage growth has been the missing piece in this recovery. For nightly Business Report, im Hampton Pearson in washington. As hampton just reported, the Health Care Industry is leading the way in job creation. Theres one sector that is still suffering job losses, and that is energy. The Mining Sector which includes oil and gas shed another 9,000 jobs in august. The Labor Department says that brings a total losses up to 90,000 since december. Weve seen declines every month this year, but the cuts seem to once again be gaining momentum. Many in the sector have been keeping tabs on announced layoffs. Oil Consultancy Company said National Oil Well varioco are companies that announced cuts in august. And more cuts are coming. No doubt that theres going to be scores of thousands of layoffs announced over the coming months as the industry retrenches because of the low price environment. Reporter earlier this week, oil and gas giant conocophillips announced it would slash 10 of its work force. Its not just Energy Companies laying off workers. The pain is rippling out to other industries as well. Last month manufacturing shed 17,000 jobs. And a big chunk 7,000 were in fabricated metal which has been dented by a steep drop in demand for products used in drilling. Still, u. S. Deputy labor secretary chris liu said there could be a longterm solution to some of these losses. Whether its manufacturing or construction, theres clearly much more we should do. We have a solution, and thats longterm infrastructure bill that produces the kinds of jobs in both of those sectors. Theres a good metal paying job to get people back to work. Reporter its a big question mark, meantime, with Commodity Prices so low, the pain, as evidenced in todays report, keeps coming to the oil patch. For nightly Business Report, im morgan brennan. For more analysis now on the labor market and the fed, lets turn to milan, chief deputy economist. Welcome, nice to have you here. Thanks for having me. You say this is a broadly positive report. Energy is a special situation certainly. But you saw a lot of positives in this report. Absolutely. I think when the fed meets in a couple of weeks, i think they will take a number of key boxes that they have for their decision on tightening policy. I think we did see some disappointment on the headline number, but caution reading too much into that. One of the things weve seen over the past four years is the tendency for the august spread to come in quite weak, only to be revised significantly higher. In fact, on average it has been revised higher by almost 100,000 over the past four years. In effect, thats essentially saying this report could mean that in a few months time, well be looking back at august and thinking that weve created eose to 300,000 jobs. For the fed, i think this is exactly what they will be looking for, to tighten policy in a normal environment. And that normal environment no longer exists here. Right, it doesnt. Youre one on the street who thinks that theyre not going to go in september and raise rates. Youre all the way up into march of 2016. Yeah, absolutely. Its no longer a matter of whether or not the economy is sustaining a positive momentum of the past few months. The labor Market Recovery remains on track. That is encouraging for the fed. I think the bigger question for the fed is the outlook for growth and more importantly for inflation. That must be seen in the context of whats going on globally and particularly in china. We did have some significant market volatility and turbulence in the financial markets. Thats not whats going to cause the fed to be cautious. Its the implication of that, and the signal that its sending to domestic consumers and domestic businesses. I think because of the uncertainty that that entails for u. S. Activity, whether its investment activity on the business side, even Consumer Spending activity, the fed is essentially clouded the outlook for both growth and inflation for the fed. I think because of that, the fed will take a pass in september, and inflation to start drifting lower. I dont think the feds going to be in a position to tighten policy again until sometime next year. Milan, well leave it there. Have a great long weekend. Nice to see you. Thanks for having me. Georgia is becoming a lead player in the television and film industry, thanks to a generous taxgencentive that is now seven years old. It has helped georgia earn the nicknamed yaliwood. The growth is causing labor pains as well, that the state hopes to ease with Training Programs designed to give more of its residents supporting roles in tv and film. Mary thompson in atlanta tells us where the jobs are. Reporter georgia is building a name for itself in movies. Thanks to a generous tax incentive, the state is now third in tv and Film Production behind california and new york. The state welcoming the industrys rapid growth, and the estimated 6 billion in Economic Impact its bringing this year. Though not everything is peachy. Weve had a little bit of a growing pain, in just that weve had a runup so quickly. Reporter sometimes its hard to find instate electricians, artists and others needed to staff a movie or show. Something eue screen gem studios Chris Bagwell said could cause industries to look for outside georgia. Its better to hire local talent than bring folks from l. A. And new york and pay their housing and per diem and everything else. Reporter lee thomas heads the film and tv office. Along with keeping the tax incentive in place, she said georgia needs to train workers to keep the shows and movies coming. So georgias launching a film academy to train and certify entry level workers and retrain others looking to polish their skills for film. It will be something you can quickly put people through for very specific types of jobs. And if they want to go further with it, these certificates will be applicable to longer degrees. Reporter about 30,000 georgians work for the tv and film industry, which Motion Picture association of america says pays an average salary of 84,000 a year. Its one reason racial crump, a widowed mother of four has gone back to school to be a script supervisor. It seemed to be where all of the focus was going in georgia. Reporter for rick, it jump started the air conditioning business he launched in 2007. Cooling the set of the movie the blindside. Since we started in 2007, we basically doubled in size and equipment and staff, everything for the past several years. Reporter hes gone from two units to 130, two employees to 14, and 1 million in revenue to several million, proving you can make money in movies as a supporting player, a cast georgia is looking to grow. From atlanta, im Mary Thompson for nightly Business Report. Still ahead, will the cheap gas last . Theres one big wild card that could send prices at the pump higher. Nissan is recalling nearly 300,000 vehicles, specifically its versea and versea note models to fix a Console Panel that could catch the drivers shoe and delay braking speeds. Theres been an accident related to the issue according to nissan, but no deaths have been tied to that problem. Gasoline is cheap. Its expected to get even cheaper. And as we reported last night, drivers will take notice when filling up this weekend. But will the low prices last . Jackie deangeles looks at the one big wild card that could potentially reverse the trend. Reporter on the eve of the holiday weekend, millions of americans are preparing to hit the road. Theyll be happy to see that average gas prices are the lowest since labor day 2004. 1 less than they were a year ago. Why the cheaper gas . Well, summer driving season is coming to an end, and the cheaper winter blended gas comes online, prices at the pump should fall. 2 by the end of the year for the average. Gasoline prices and crude oil prices trade in tandem with each other. If you see one drop, the other one should follow. In the case of gasoline, it could probably drop a little bit more because the market is very well supplied going into the winter. Reporter not so fast. Crude oil is the wild card in this equation, and it needs to cooperate. If we get a spike in crude oil prices, 50, 55 a barrel, you wont see 2 at the pump for gasoline prices. They will rise definitely along with the crude oil. But it is a well supplied market, so i wouldnt say that the rise would be the same percentage as crude oil. It will lag, but we wont see 2. Reporter the recent price range for crude futures is 48. Many expecting that range to hold barring an event. If theres a breakout, its likely to the down side. The volatility in crude has been unprecedented. In the last two weeks we saw prices jump more than 20 only to fall another 10 . For this week, up a little more than 2 . Hit the road and relax this weekend. But buckle up for next week. For nightly Business Report, im jackie deangeles. Nearly half a billion dollar purchases by blackberry, the company will buy rival mobile Software Provider good technology. More than half of the devices running on goods systems are apple products. The move could help blackberry win over more business customers. The stock closed nearly 2. 5 lower to 7. 28. Amazon is also bulking up. The companys Cloud Computing unit purchased a video processing startup called elemental. Some estimates that the price tag was half a million dollars. Elemental helped smooth out streaming of shows and films and other media content. Netflix this years best performing stock posted its sixth straight day of losses. This is the video streaming companys longest losing streak since march. Shares were off more than 2 today, to 98. 79. And a down grade for caterpillar. Reducing the rating on the mining and farming equipment maker to neutral. This is volatility in china, could continue to weigh on the companys shares. The stock fell nearly 2 to 73. 10. Our market monitor tonight is a classic stock picker who likes companies he said are misunderstood by the market. David marcus, chief Investment Officer and ceo at global advisers. Its good to see you, david. Thank you for coming in. Especially on a long holiday weekend. We appreciate it. You say you are buying crisis. You never sell crisis. Tell me why. I think that when theres a crisis, investors generally go into panic mode. They dont care what price they get, they just want to get out. Thats when you get your best opportunities. So my view is, when theyre dumping them, i want to be buying them. That doesnt mean im backing up the truck and buying everything in sight. You still have to be smart about it, do your homework, understand what youre buying. The key is, we really like to think of this as a nibbler market. Thats how you described it, a nibblers market. You nibble, take a small bite. For example, a day like today, the bad day out there. Take a small bite, you still have resources to come back on another bad day. If we gobble, we might use up all of our resources. Take small bites, but take advantage of the bad days, but not freak out, not panic. Just relax. The headlines are much worse than the reality. Yeah. Stick with your plan. Thats right. Hopefully you have a plan. Absolutely. I know you have a plan. We do. So you say that have been buying. Lets look at some of your picks for us. Avoia financial, retirement and annuities. What do you like about voia . Voia was spun out of ing bank a few years agowhen they were going through their crisis. Voia, 70 of it is retirement accounts. The other 30 is annuities and mutual funds. Its sort of a mispriced company. Extremely wellrun. Its only been a Public Company for two years. I think investors are getting to know it. Its what we would call an annuitylike business. The 401 k s stay there forever. It cranks out cash flow over and over. Its a cheap stock, excellent management running it. I think investors are just learning about this company now. Kind of an undiscovered gem in your portfolio. Wp glinter . This is a reit. Thats right. This is a company that owns 121 Retail Shopping centers in the united states. Over half of them are in closed malls. The rest are strip malls and openair malls. This is a company that is below the radar. 2. 5 billion market cap. And it was part of it was spun out of Simon Properties about a year ago. Which is the biggest mall operator in the united states. And then that company, washington prime, acquired glemtur. Investors just dont understand it. When it first merged, or the acquisition, the stock was 20. Today its 11 1 2. Youre getting just under a 9 dividend yield. Extremely undervalued. Lets go on to your last one, quickly, which is ing. Which spun off voia. You still like ing . Yes, we like it a lot. This was bailed out by the dutch government a few years ago. Everybody hated it. The goal is to go back to the roots in traditional banking. Well, the news flash is traditional banking can be highly profitable. So as they sold noncore assets going back to their roots, profits grew. They were selling things like voia and some other businesses, and slowly investors are waking up to the value. And it pays a tiny dividend today. But thats going to grow as the business continues to improve. It will also participate in the growth of europe, where we spend a lot of our time as well. Thats right, you like europe a lot. David, we have to leave it there. Thank you so much. You had a very good year, so good luck. Appreciate it. Thank you. A select group of the worlds most influential ceos and politicians are meeting to discuss the outlook for the global economy. And some of the key risks that have been dominating the headlines in the last few weeks. Julia chatterly has more from the invitationonly event in lake cuomo, italy. Reporter here on the shores of lake cuomo in italy, top of the agenda very much was china. The risks around an economic slowdown were seeing in the country, but also the policy makers ability to contain some of the spillover effects, like the volatility that weve seen in the equity market recently. I spoke to one of the key advisers to the german chancellor angela merkel, and asked just how concerned he was about the spillover effect. I think its a much more important problem for the eurozone, because when you see this transformation off the chinese economy, liberalization to the extent its taking place, its going to be much more difficult to counteract the developments of its economy. The weakness in china feeding into the Commodity Prices globally, and having a further downward impact on oil prices. That is having a detrimental impact on russia. I caught up with the deputy Prime Minister of russia and asked him whether there was any possibility of russia working with saudi arabia to cut oil supplies and try and raise prices. Russia, if oil prices are low enough, or the supplies go down, i think it could be bad for the market. The two largest oil producers, saudi arabia and russia, may they be able to come together, coordinate on Cutting Supply in order to lift prices, look at this stage to be sorely disappointed, at least for now. Weve also got the burgeo