Another month of high expectations for jobs, another month of
deep disappointment. How long does this lackluster performance have to
go on before we recognize its true cause?
Some economists and pundits viewed the 169,000 new jobs created in August as confirmation of a continuing modest rebound in job growth that's now underway.
They're wrong. In fact, the data are far worse than they appear. Not only did the actual number of jobs come up short, but June and July totals were revised down by 74,000. Recovery summer, anyone?
Other data in the jobs report show similar weakness:
• Some 90.5 million Americans are now out of the labor force, with almost a third of a million leaving in July alone and nearly 10 million workers departing since Obama took office. Meanwhile, 115,000 fewer Americans were employed in August than in July.
Some economists and pundits viewed the 169,000 new jobs created in August as confirmation of a continuing modest rebound in job growth that's now underway.
They're wrong. In fact, the data are far worse than they appear. Not only did the actual number of jobs come up short, but June and July totals were revised down by 74,000. Recovery summer, anyone?
Other data in the jobs report show similar weakness:
• Some 90.5 million Americans are now out of the labor force, with almost a third of a million leaving in July alone and nearly 10 million workers departing since Obama took office. Meanwhile, 115,000 fewer Americans were employed in August than in July.
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