Jobs growth brakes in August-368,000 leave workforce

What was all that "how many jobs Obama produced" I kept hearing at the DNC convention?

WASHINGTON (Reuters) - Jobs growth slowed more than expected in August, setting the stage for the Federal Reserve to pump additional money into the sluggish economy next week and dealing a blow to President Obama as he seeks reelection in November.

Nonfarm payrolls increased only 96,000 last month, the Labor Department said on Friday. While the unemployment rate dropped to 8.1 percent from 8.3 percent in July, it was largely due to Americans giving up the search for work. [/b][/i]

http://finance.yahoo.com/news/payroll-g ... 22785.html

And now from the BLS...

Total nonfarm payroll employment rose by 96,000 in August, and the unemployment rate edged down to 8.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in food services and drinking places, in professional and technical services, and in health care.

The unemployment rate edged down in August to 8.1 percent. Since the beginning of this year, the rate has held in a narrow range of 8.1 to 8.3 percent. The number of unemployed persons, at 12.5 million, was little changed in August. …

Both the civilian labor force (154.6 million) and the labor force participation rate (63.5 percent) declined in August. The employment-population ratio, at 58.3 percent, was little changed.

368,000 DROPPED OUT OF WORKFORCE [/b][/i]

http://bls.gov/news.release/empsit.nr0.htm

Obama says "he's not done yet." Oh... he's done, and ripened and rotted.

As has been predicted for months as baby boomers leave the work force and retire. It's going to continue and the righties will lay it all on people giving up, instead of the actual cause.

Here's an interesting piece that points out baby boomers are mostly responsible for those leaving the work force.

Barclays Debunks The Greatest 'Urban Legend' Of The Labor Market



As you can see, the decline in workforce participation was never in doubt, so if you're trying to calculate the "real" unemployment rate simply by holding the participation rate fixed from some point in time, you've already erred.

All of this is a long way of getting to the fact that Barclays economists Dean Maki, Troy Davig, and Peter Newland have a brand new paper called Dispelling An Urban Legend, which blasts the idea that labor force participation is mostly being dragged down by depressed workforce exiles. Instead it's really mostly about the demographics.

As a share of the total population, those aged 55 or older have jumped by nearly 5 percent in a decade. The big loser demographic was the 35-44 year old cohort, which is the prime working age population, and which saw its share of the population drop 4 percent.

Still, how do we know that the people who have left the workforce don't really want to get back in?

Well, the BLS asks them: DO YOU WANT A JOB? And the vast majority say: NO.

http://articles.businessinsider.com/201 ... z25nT4Sl8f

Here's you fact Jack...

WASHINGTON (Reuters) - Jobs growth slowed sharply in August, setting the stage for the Federal Reserve to pump additional money into the sluggish economy next week and dealing a blow to President Barack Obama as he seeks re-election.

Nonfarm payrolls increased only 96,000 last month, the Labor Department said on Friday.

While the unemployment rate dropped to 8.1 percent from 8.3 percent in July, that was because so many Americans gave up the hunt for work. The survey of households from which the jobless rate is derived actually showed a drop in employment.

http://finance.yahoo.com/news/payroll-g ... 22785.html

What a joke.

That jives with what I posted. Thank you.

Maybe I'm missing something but it seems there is a big difference between leaving the work force because you've decided to retire and not being in the work force because you either can't find work or can't find substantive work. What I see is a lot of people who just, flat can't find the kind of work they need to make ends meet. I know of several friends and family in this boat. Well educated, experienced people who are either unemployed or seriously underemployed.

What I don't get is if the President has a solution for this problem why he hasn't flexed his muscle to enact the solution. I hear him saying he needs a little more time...but it's not clear to me what he will do to change the employment situation. I don't hear anything new...just the same old stuff that hasn't worked.

Just yesterday some economists were projecting some fairly rosy numbers for August jobs but in the end...they missed the mark by quite a bit. The fact that some are mincing the whole 8.3% dropping to 8.1% seems like total BS to me. There is NOTHING positive in that drop....it's just some people trying to find some way to keep a failed administration around for four more years.

Hope rises for August jobs report

Key report has ramifications for Obama and Bernanke

http://www.marketwatch.com/story/august ... MW_popular

Earlier this week, economists surveyed by MarketWatch forecast the U.S. added a weak-to-moderate 120,000 jobs in August, down from an initial estimate of 163,000 in July. Read comprehensive MarketWatch calendar.

After the morning’s data were released, economists pushed up their forecast to 125,000.

The unemployment rate is expected to remain steady at 8.3%, just where it was at the beginning of the year. The unemployment rate has been above 8% for 42 months.

The higher jobs forecast was spurred after data released Thursday by payrolls processor Automatic Data Processing Inc. showed private-sector payrolls rose by 201,000 in the month, led by small businesses and the service-providing sector, beating Wall Street’s expectations. [/i]

So some in the news desperately wanted some good news to tell on the last day of the DNC but it appears their projections were off by 29K.

Remember a definition of insanity, "to do the same thing, the same way....over and over again.....but to expect a different outcome". The Obama Administration has failed and doesn't offer anything new. A Romney Administration is needed to bring fresh ideas to D.C. If we elect Obama for another four year term then we are, by definition, insane.

And, when we ask the nation as a whole if it's better off today than it was 4 years ago...how can anyone answer that, as a whole, we are better off? How do you do that with a straight face? Seriously.

We need at least 130k new jobs each month just to keep up with the population growth.Obama said that by this time in his presidency, we would be at about 6% unemployment. Now we're suppose to trust him again?

The water is getting hotter in this pot full of frogs (and sheep).

When you hear the left claiming that Obama has added so many jobs to the economy... remember this fact...

We are still almost five million payrolls shy of where we were at the end of 2007, when the recession began. Think about that when you hear the Obama administration's talk of an economic recovery.

http://online.wsj.com/article/SB1000087 ... inion_main

Prove me wrong!!!

lionshead2010 wrote: What I don't get is if the President has a solution for this problem why he hasn't flexed his muscle to enact the solution. I hear him saying he needs a little more time...but it's not clear to me what he will do to change the employment situation.

Consumers and businesses are going to have to believe the economy is improving and not declining. I know that's hard to do with the daily barrage of negativity from the right. There's also uncertainty about whether our elected officials will work together to fix things. Until this happens, many are not willing to commit and therefore the economy remains the way it is.

From watching people spending dinero at restaurants and on new cars, flatscreen tv's and expensive smartphones, it's hard to see the hesitation that people have. I know everyone wants a quick fix, or a "magic" plan that will turn the economy around but I think it's just going to take time, if it happens.

I remember Fox News questioning why Obama's plan wasn't working a week after he was sworn into office, which I thought was kinda funny. I had forgotten about that until Jon Stewart played a clip the other night.

My gut feeling is the Republicans haven't wanted Obama to succeed and have done what they can to make that so, in order to get him out of office. Instead of making the economy their #1 priority they have made removing Obama their #1 priority, to the detriment of the country.

I wonder where we'd be right now if both sides had spent the last 3 1/2 years working together instead of stonewalling and I blame influence from the Tea Party for that.

The Liberals GOP Twin wrote: When you hear the left claiming that Obama has added so many jobs to the economy... remember this fact...

We are still almost five million payrolls shy of where we were at the end of 2007, when the recession began. Think about that when you hear the Obama administration's talk of an economic recovery.

http://online.wsj.com/article/SB1000087 ... inion_main

Prove me wrong!!!

Crickets should be here shortly.

As I posted, it's a urban legend. Baby boomers are mostly responsible for those leaving the work force.


http://articles.businessinsider.com/201 ... z25nT4Sl8f

Just because you don't read it doesn't mean there was no response.