August Jobs Report shows fewer jobs added, less people looking for work

money.cnn.com/2012/09/07/news/economy/august-jobs-report/index.html?hpt=hp_t1

*NEW YORK (CNNMoney) – 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 ratefell 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. *
*“These numbers are not very strong,” said Joseph LaVorgna, chief U.S. economist at Deutsche Bank. “The job market is improving, but only gradually.” *

*Economists often say at least 150,000 jobs need to be created each month to simply keep pace with the growing population. *
*The overall job market still has a long way to go recover from the financial crisis. Three years after the recession ended, roughly 12.5 million Americans remain unemployed, and 40% of them have been so for six months or more. *

Not surprisingly, they also adjusted previous months claims downward.

Party last night. Hangover this morning. :frowning:

weeklystandard.com/blogs/romney-party-last-night-hangover-morning_651920.html

:thumbsup:

U-6 includes everybody who are not working or looking for work but want a job and have looked for work and those who are part time employees but want full time workbut can nto find it - 14.7%

Record 88,921,000 Americans ‘Not in Labor Force’—119,000 Fewer Employed in August Than July

cnsnews.com/news/article/record-88921000-americans-not-labor-force-119000-fewer-employed-august-july

If the labor force prarticipation was the same now as January 2009 the unemployment rate would be 11.2%. If the participation rate in august as july it would be 8.4%

White House press release

While there is more work that remains to be done, today’s employment report provides further evidence that the U.S. economy is continuing to recover from the worst downturn since the Great Depression

What jobs report did they read? If this is a recovery what is a downturn?

Obama projected unemployment would be at this time with out and with the 2009 stimulus - under 6%

aei-ideas.org/2012/09/the-awful-awful-august-jobs-report

A downturn would be net job loss. One of the big problems right now is that there are tons of jobs available but not enough qualified people to fill them. Some cities and towns were and are able to recover faster than others because they are home to diverse industries and have a population with diverse skills. Places like Detroit and small towns with generational factory workers aren’t like that at all.

Most important thing is the market rallied after the not-so-good number was reported. The market is sensing that Uncle Ben will have to stir up some kind of Zimbabwe voodoo to stimulate the economy from here onto the election and to help Obama getting elected. We’re all dying on hopium.

8 million have stopped looking for work since Obama was inaugurated

So you agree - we are in recession again?

96,000 new jobs but there are 119,000 fewer people working. Net job loss 23,000.

No, I do not agree. There wasn’t net job loss. The fact that people who were already unemployed stopped looking for work doesn’t constitute job loss.

And as of June there were 3.8 million job openings. Who’s fault is it if people don’t learn the skills required to fill those positions? IMO, there is no excuse for people to simply drop out of the workforce with millions of unfilled positions available. Take a good hard look at that data. A huge chunk of those openings (2.1 million) is a result of people quitting their job; the problem being that the rate of hire is almost exactly the same as the rate of separation. Sorry, don’t complain to me about long term unemployment when you willingly gave up your job.

From this link:
…368,000 people left the labor force, pushing the participation rate to a 31-year low of 63.5%. If workforce participation had held steady since the economic recovery began in June 2009, the jobless rate would be 11.2%…
Like an earlier poster on this thread asked, if this is a recovery what is a downturn?

The economy should have been gaining 1.8 milling jobs a year, not losing jobs. In other words, the economy is down 10 to 12 million jobs from where it should be.

Its not a downturn because the cause of longterm unemployment isn’t due to a lack of available jobs. At last count there were/are 3.8 million positions left unfilled. The real question is; why are people choosing to remain unemployed rather than fill the millions of available jobs? I went into that a little in a prior post.

Source (please)?

Provided in post number 9.

You make it sound like employees hire themselves. Just because there are job openings doesn’t mean the people applying are getting hired or are qualified for the positions.

Thank you, sir.:slight_smile:

I touched on this issue in post 5. So, as I also stated, who is responsible when people refuse to learn the skills necessary to get a job? I don’t think its the President nor do I think that the economy, with nearly 4 million jobs just waiting to be filled, is as bad as the Republicans say it is. :wink:

How does one justify stop looking for a job when he needs to eat and pay his bills? When I read this statistic, all I can think of is that the guy/girl is so well off he doesn’t need to work or he’s close to retirement age or he’s moved in with a relative or friend.

Precisely,

If you need to work, you will keep looking or starve. In Pennsylvania, there is no financial help for any single male…none. They may, under certain circumstances be eligible for food assistance, but they would have to live in a box, or, as you said, move in with a relative.

John

I’m not sure the employers got the memo that they are supposed to hire unemployed people. :smiley:

No one said anything about people “not looking for work”. The jobs report showed 119,000 fewer people WORKING. How there can be 96,000 new jobs and 119,000 fewer people working is something the government can explain.

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