Jobs Report Is Dismal
The jobs report is out and it’s bad news. I said last night that the official unemployment rate was 8.3%. This morning it’s 8.1%. Good news? Uh, no. The figure reflects people looking for work, and it appears more people have given up. From noted right-wing shill CNN:
The labor market lost momentum last month as job growth fell to a disappointingly slow pace.
The unemployment rate fell, but that was largely due to people who stopped looking for jobs.
The economy added 96,000 jobs in August, down from 141,000 jobs in July, the Department of Labor said Friday.
Economists polled by CNNMoney were expecting 120,000 jobs to be added in the month.
Meanwhile, the unemployment rate fell to 8.1%, from 8.3% in July.
The drop in unemployment was caused because 368,000 people stopped looking for work and therefore were no longer counted in the survey.
Barack Obama and Bill Clinton can talk and talk and talk. But the facts speak for themselves, and the story they tell is not pretty. More from James Pethokoukis.
Thanks to elissa and gary gulrud.