U.S. JOBS DATA DISAPPOINTS …
The U.S. government released its monthly jobs report for August, and the numbers weren’t good. First of all, the economy created only 142,000 jobs last month – down from a revised 212,000 new positions in July and well below analysts expectation of 190,000 new positions.
That’s the worst print of the year – and the biggest expectations miss of the year.
Ready for even worse news? The number of working age Americans not part of the workforce soared to a record 92.2 million – or 268,000 more than last month.
That’s right … 142,000 jobs may have been created (barely enough to keep up with population growth), but nearly twice that many working age Americans left the labor force.
As a result the nation’s labor participation rate slumped back to 62.8 percent – matching lows not seen since the late 1970s.
Since the start of the recession in December 2007, the American labor force has shed a whopping 13 million workers. How many jobs have been added? Only 768,000.
Yup do that math …
Want more bad news? Of course not … but sadly, we’re gonna have to lay it on you. Of the modest 142,000 jobs created in August, roughly half of them were in the three lowest-paying sectors of the economy – temp help, leisure and hospitality and health and education.
The number of manufacturing jobs added? Zero.
America is struggling, people. And the explosion of welfare statism/ corporate cronyism embraced by both parties in Washington, D.C. is exacerbating the problem, not fixing it.
18 comments
labor force lost 13,000,000 workers and economy added 768,000 jobs – these are not complementary statistics. meatballs and oranges. though it does make one wonder how 13 million fewer people are doing those 3/4 million extra jobs.
Sic Willie don’t need no stinkin’ facts or logic!
The labor force number includes ( 13 million ) those who have jobs an those who are seeking jobs. You can reduce unemployment two ways. People finding jobs or no longer looking for a job.
Before anyone hits the crazy button – it’s actually quite normal for August to be slower than any other month. For one thing – our largest trading partners (Europe) are essentially off during August. So manufacturing hiring slows until the late August orders are received. Also, most of the northern states are off in August – August is the busiest vacation time. So not a lot of hiring goes on in August. Now if we have slow September and October – that’s a worry.
Anything in America is now unfortunately normal under Obama and the Democrats!
Aren’t the numbers seasonally adjusted?
If you look at the last 10 years and take out 2007, 08 and 09 – out of seven years – four of them always saw declines in August. It’s in large part attributable to our trading parnters taking vacation in August. If you run Industrial output against it you see Europe literally come to a stand still in August, and that correlates into a slower hiring month here. There’s some good work done between GINT and the business school at USC that shows it. ROcky knows the guy that did the work – could have even been Rocky.
Sorry just edited my post.
That darn Boston grocery store chain.
“American labor force has shed a whopping 13 million workers. How many jobs have been added? Only 768,000.” — fitsnews
These numbers should be of great concern as well as the stagnant wage growth and reductions in hours and benefits. Governor Haley has had to counter these federal head winds by encouraging job creation.
Of those 768,000 US jobs created since December 2007, over 100,000 have been created in the state of South Carolina since Gov. Haley took office. In a little over half the time and about 1.5% of the US population, South Carolina has created over 13% of the nations new jobs.
TAKE THAT WILL!!!
“Crony capitalism” brought in Boeing and jobs to Charleston. Now it is bringing Tesla and 6,500 jobs to Reno. Boy that “crony capitalism” is really some bad stuff.
I can’t believe people think they should be able to retire. Damn them.
I can’t believe people think they should be able to retire. Damn them.
On a side note Sic, you should look into the cost to pay employees a dollar by employers. That will open your eyes of why people are not getting raised. FYI it is about 1.95 in total cost to pay an employee $1.00. In 2001, that cost was 1.52 for every 1.00
…. and US Senator Lindsey Graham has not done a damn thing to help the citizens of South Carolina. He has got to go!
RECORD 92,269,000 AMERICANS NOT WORKING
Let’s see, you piss on every good report there has been, but you take this one “bad” report as the start of the slide you have been craving. Come on.
….Meanwhile SCDEW is shuting down offices in rural areas, intimidating local workforce boards and COGs, and not paying their bills to enrich themselves. Stanton’s abusive behavior has attracted lawsuits. She needs the wisdom of a decent labor lawyer!,…Oh wait she IS a labor lawyer.