Skip to comments.US ECONOMY: August Payrolls Fall 216,000; Unemployment At 9.7%
Posted on 09/04/2009 7:26:18 AM PDT by SeekAndFind
The US economy shed 216,000 jobs in August, less than the 276,000 lost last month and the 225,000 loss economists were expecting, the Labor Department reported today. With monthly job losses still elevated, the unemployment rate rose to 9.7% in August, its highest level since June 1983.
Labor also revised June job losses from 443,000 to 463,000 and July job losses from 247,000 to 276,000, which together adds another 49,000 jobs lost over the last three months. Economists have said the economy needs to create about 100,000 jobs each month to keep up with new workers, but with August's numbers, the economy has averaged a loss of about 485,833 jobs per month over the last 12 months. Since the recession began in December 2007, the US has lost a total 7.4 mln jobs and the total number of unemployed persons has risen to 14.9 mln.
The labor force participation rate, which includes the number of working-aged people with jobs, remained unchanged at 65.5%. In August, there were a total 2.3 mln people who were marginally attached to the labor force, 758,000 of which were discouraged workers, nearly double the number recorded one year ago.
Jobs were lost in all sectors of the economy except for education and health services, which added 52,000. Yet payroll declines in other sectors saw some moderation. Service-sector jobs fell by 80,000 and retail lost 9,600 jobs, both registering the smallest declines in over a year.
Construction lost 65,000 jobs while the manufacturing sector lost 63,000 jobs.
Average hourly wages rose 0.3% in August or by 6 cents to $18.65.
The average workweek was unchanged at 33.1 hours as expected.
(Excerpt) Read more at forbes.com ...
Wow, only 203,000 this month. Must mean Obama saved 300,000 jobs. Happy days are here again!
How’s that Hope and Change Dems? Huh? I know you dailykos-tards peruse our boards. How’s your boy doing so far?
Socialism is really helping out, huh?
What?? It's not verifiable?
Ask Biden, he'll verify it.
Well, since the country hasn't stopped functioning, those 216,000 weren't doing much anyway. This will just make our economy a leaner, meaner, fightin' machine.
They were expecting 225,000 and the number appears to be "only" 216,000.
That's 9000 "less than expected". Great.
Meanwhile, the June numbers just got adjusted up 20,000 higher.
And the July numbers were adjusted up 30,000.
Does ANYONE think that these new number for August as truly "less than expected"????? Wait a month, then see that the adjusted number is higher than the 225,000 that was "expected".
It's still getting worse than they were expecting. It's not turning around.
The numbers are being fudged under the magic and administration killing 10%. The .003 error is not statistically calculable. The attempt at precision is a joke.
How many dead presstitutes will it take to raise the number above 10%?
They don’t mention how many fell off the end of the wagon and are no longer listed as “unemployed”.
There just fewer jobs left to cut and govt hasn’t cut any net jobs.
It is interesting that we have a lot of remodels going on within two blocks and most of them are being done by contractors on their own house, or a relative working on the house.
Leaner and meaner perhaps. Unless the lean and mean productive members of society are unemployed, and the number employed by the government increases. Not good.
I'm not particularly religious, but I am starting to wonder if we are being judged
Why, that is amazing.
Every morning when I wake up, I see quick financials on Yahoo.
The headlines say the economy is now so rosy and markets up, but you read the fine print, and it just is not so.
I still say that the markets are no indicator, as you have Soros and the computers pumping and dumping every day.
I read the small print, and talk to people...All points to disaster.
Since they are missing the monthly unemployment numbers by at least 20,000 every month, this month’s 216,000 will be revised to at least 236,000 next month. How dumb do they think we are?
The important fact is that unemployment is now 9.7%, roughly twice what it was when Pres. Bush was in office. The university dweebs who trying to run this economy, when they haven’t run anything before in their lives, are failing big time. It would have been wise to have at least one businessman among BO’s “czars,” but they couldn’t risk that he would question why capitalism is being discarded in favor of socialism.
Oh, stop. Don’t you read Newsweek, house organ of the Democratic Party? They had a big story telling us the recession was over earlier this summer so why pay attention to “inconvenient facts” like stupendously high and rising unemployment?
is it too soon to start touting a Misery Index?
It should be obvious by now to folks with brains that are actually working and logical and reasonable that the Obummer administration as well as the democrat members of Congress have absolutely no idea on how to really fix the economy and fix it in such a way as to really make it thrive, namely the free market, capitalistic, pro-business, tax-cutting, reduce government spending that is required for economic stability and growth. This administration and the democratic members of Congress are so steeped, brainwashed and indoctrinated in their Marxist Socialist ideology that they cannot do what they need to do to help the country get out of this deepening recession.