The government’s August jobs report from its Bureau of Labor Statistics was all too typically lackluster.
It is true that 164,000 seasonally adjusted payroll jobs were added during the month, per the Establishment Survey of employers, but June and July were revised down by a combined 75,000. The Household Survey used to determine the unemployment rate had even grimmer news, as it showed that 115,000 fewer Americans were working in August than in July. The only reason that the official (“U-3″) unemployment rate fell to 7.3 percent is because the civilian workforce shrunk by over 300,000, taking the labor force participation down to 63.2 percent, that figure’s lowest level in since 1978.
http://pjmedia.com/blog/this-depressing-economy/?singlepage=true
It is true that 164,000 seasonally adjusted payroll jobs were added during the month, per the Establishment Survey of employers, but June and July were revised down by a combined 75,000. The Household Survey used to determine the unemployment rate had even grimmer news, as it showed that 115,000 fewer Americans were working in August than in July. The only reason that the official (“U-3″) unemployment rate fell to 7.3 percent is because the civilian workforce shrunk by over 300,000, taking the labor force participation down to 63.2 percent, that figure’s lowest level in since 1978.
http://pjmedia.com/blog/this-depressing-economy/?singlepage=true
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