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Friday, October 28, 2016

WASHINGTON, District of Columbia (AFP) – U.S. job growth was tepid in August but the unemployment rate ticked down to 7.3 percent, the Labor Department reported Friday.

The United States added 169,000 jobs last month and the prior two months’ job numbers were revised sharply lower.

The August jobs growth number came in well below the average analyst estimate of 177,000.

The slight decline in the jobless rate was unexpected, and came as the number of people participating in the labor force fell.

The jobless rate had been expected to come in at 7.4 percent, unchanged from July.

The August jobs report revealed the economy gained 74,000 fewer jobs in the prior two months than previously estimated.

The July number was slashed to 104,000 from 162,000, and the June total was lowered to 172,000 from 188,000.

Photo Credit: AFP/Chip Somodevilla

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  • charleo1

    Actually, I don’t know what Americans expect to happen when we close down half
    of our factories, send the jobs to China. And give 400 people half the money the
    entire economy is supposed to run on. And blow up the housing market. And the
    Stock Market. And the World economy. And failed to return a Republican to the WH.
    Thus setting off the Right Wing doomsday machine has never shut up since the election of Barack Obama. Day in, and day out, a constant drumbeat of fear, and the GOP, at both the State, and Federal level, attempting to strangle the economy in any way they could find to get their hands on it. And everybody knew it. Including threatening to intentionally, default on the full faith, and credit of the U.S. Government. In the middle of a world wide, hair on fire, depression. It is a tribute to our hopelessly gridlocked, and insanely partisan political situation, that instead of hanging the entire GOP political apparatus, on the Capital steps for treason, we rewarded them for helping mastermind the Iraq war, and wrecking the economy, by being returning the control of the National purse strings, to a Party now controlled by anti-government, anti-American, you name it, if it ain’t White, incorporated, or made in China, they’re aganist it. Nihilists, nincompoops, and anarchists. All things considered, the economy could be a lot worse.

    • Independent1

      Great Post! If the 169,000 jobs created during August can now be called “tepid”, what were they calling the job growth during Bush’s 8 years in office when a month’s job growth rarely exeeded 32,000 jobs??? August’s supposedly “tepid” job growth was almost as many jobs as Bush Jr manage to create in any 6 month period with more jobs having been created over the passed 18 months than during all 8 years that Bush was in office. If 169,000 is tepid, then 32,000 should have been called a colossal disaster – which I guess fits in well with describing the absolute travesty that the GOP’s puppet president imposed on America from 1/21/2001-1/20/2009.

      • charleo1

        Well, you’re exactly right, of course. The truth really can be found in
        the numbers. I cringe whenever I read a person comparing the
        recession Reagan inherited, to the calamity handed to Obama.
        Then, ignorantly claiming, if only Obama had the leadership ability!
        Thirty years ago, with our manufacturing base in place, Reagan did those things the Right Wing today, call heresy. Namely, Reagan spent prodigiously in the public sector. Increased the size of government, by hiring an additional 250,000 Federal Government employees. Increased the military budget, and lowered the interest rates. A very effective tool denied President Obama. Due to the fact, the customary throttle of the economy, the rate the Fed sets for businesses, and banks to borrow money, had already been pressed to the floorboard by the previous administration. As Reagan ask for rates to be lowered, the car and steel factories began amping up. Recalling workers, to meet the pent up demand they knew would be unleashed by the cheaper money supply. The T-Party today would agree with the Carter Administration. That feared weakening the dollar, and setting off a new round of inflation. But, today our steel industry is in ruins. And, GM sells more cars in China. Which by the rules laid out by the Chinese, must be manufactured in China. This is the Marxist Kenyan’s fault? The Chinese dictating trade rules to us. Or, a Republican Congress, and Party. Eager to reduce union membership, while catering to corporate conglomerates, and the, “Capitalist free market,” agreed the Government should just butt out!
        Or carry their water. Then, became a subsidiary of corporate U.S.
        In charge of implementing, and carrying out corporate, public policy.
        The economy Barack Obama inherited was the economy emaciated
        by the poison Reagan himself started injecting into the veins of the U.S. labor force. A sector his party seen as political enemies. While allowing the corporate elites to write their own tax policies. With the accompanied slight of hands, like the earned income tax break, and child credits, which served to hide, or mask the disastrous aggregate, loss in wages paid to U..S. workers. Marking the beginning of the outright subsidization of wages by the Constitutional Government. At the behest of an all powerful, de facto corporate led government, This structural change in the U.S, economy, and the Right’s apparent complete ignorance of it, has them swinging wildly in all directions, like a blinded prize fighter. Well, Reagan bought us out of a recession in a year, and a half! Throwing a vicious uppercut into thin air. Why are you not throwing out this, community organizer? Reagan, now there’s a leader!