Skip to comments.August Jobs Report: 169,000 Jobs Added
Posted on 09/06/2013 6:35:37 AM PDT by OldeconomybuyerEdited on 09/06/2013 7:28:45 AM PDT by Admin Moderator. [history]
Job growth in the U.S. is slowing, the Labor Department confirmed today, reporting that 169,000 jobs were added in August as unemployment fell to 7.3 percent.
Economists were expecting a gain of 180,000 jobs, according to a Bloomberg survey. They expected unemployment to stay at 7.4 percent.
Last month, the Bureau of Labor Statistics reported the economy added 162,000 jobs in July. The bureau today revised that figure downward to 104,000 and it lowered the June figure to 172,000 from 188,000.
"Clearly the labor market is losing momentum," said Lindsey M. Piegza, managing director and chief economist at Sterne Agee, pointing out that the unemployment rate decreased for "inorganic reasons" as the labor force participation rate fell to 63.2 percent in August, the lowest since 1978.
The participation rate has fallen by 1.6 percentage points since the beginning of 2010.
"Some of this is due to the aging of the workforce but it reflects a weak labor market," said Stephen Bronars, senior economist at Welch Consulting. "The unemployment rate is declining for all the wrong reasons - people are dropping out of the workforce."
The difference in the unemployment rate between educated workers and workers with less schooling continues to widen. College grads face an unemployment rate of 3.5 percent while the unemployment rate is 11.3 percent for high school dropouts.
"There is some good news that more people are working full-time in August than in July, but generally this was a disappointing jobs report," Bronars said.
Investors watch the jobs report closely because the Federal Reserve has indicated it plans to cut its stimulative bond purchases as the labor markets gain momentum and economy improves.
"This morning's report confirms the opposite," Piegza said. "Labor market conditions remain stagnant at best. Good enough shouldn't be an incentive to taper but on the heels of strong ISM reports and an upward revision to second quarter GDP, if the Fed was looking for an excuse to taper they can find it."
On Tuesday, a report by the Institute for Supply Management, a trade group, said its manufacturing index showed the fastest factory expansion since June 2011. Last week, the Commerce Department reported that real gross domestic product increased at an annual rate of 2.5 percent in the second quarter, higher than the 1.7 percent advance estimate issued in July.
Boston College economics professor Robert Murphy said the jobs report is not likely to change the consensus that has developed concerning the Fed tapering back later this month on its bond buying program. Other recent data, such as auto sales reaching post-recession highs, indicates the employment report for August is unlikely to change the dynamic toward a gradual exit by the Fed from its stimulus, Murphy said.
Meanwhile, the number of Americans applying for unemployment benefits is near a five-year low, according to the Labor Department's jobless claims report on Thursday.
Private payroll provider ADP said businesses added 176,000 jobs last month, a drop from its figures in June and July.
The number is always contrived, exaggerated, plus, it counts government jobs, which should, count as (-1) job. Horse hockey.
lower then expected...unexpectedly
Hey kids! It’s “Fun With Numbers” Friday!!!
Thank God for North Dakota and Texas.
They never give up....down numbers this month, revised lower numbers for the last three months, and BLS or who the hell ever says “we don’t expect the unemployment rate of 7.4% to change”.
They aren’t even saying ‘encouraging’ or ‘trending good’ or any of that here. The Labor Force Participation rate is the LOWEST since 1978 when liberals like to blame Reagan for not improving fast enough....dammit...
Just how the hell much are we going to have to collectively sacrifice for this affirmative action, half breed Muslim’s image to remain unstained? How much, huh?
I mean if he stumbles and falls, like Nixon, they can just keep rewriting history like they have for JFK, RFK, MLK and just make it a fact after a generation of constant lies.....
My son just got job a few months ago, part time, he had to give up on finding a full time job, he started out with a minimum of 32-38hrs a week, he and all his part time co-workers just got cut back to 25-28 hrs.
No reason given, I guess they think it should be obvious.
The BLS should be BSL...Bull S#!t Lies..............
--only if you count payrolls. Counting all jobs including owners, self-employed, partners, we see 115,000 fewer jobs--HOUSEHOLD DATA
Summary table A. Household data, seasonally adjusted
[Numbers in thousands]
|Civilian noninstitutional population||243,566||245,552||245,756||245,959||203|
|Civilian labor force||154,647||155,835||155,798||155,486||-312|
|Not in labor force||88,919||89,717||89,957||90,473||516|
--and over a half million leaving the workforce this month and a couple million over the past year. BLS numbers also show that these are folks that want work.:
- Mainstream Media: We should dance in the Streets
- Wallstreet: The Rich get richer!
- Hollywood: More Perversion, Now!
- The People taking back the House and Senate in 2014:
When Obama has destroyed the last productive busines in America and there are no more people working the newspaper headline will read:
“EMPLOYMENT STEADY - NO JOBS LOST THIS MONTH”
BLS = BLBS (Do I need to define what the BS stands for?)
This is really great news. Obama’s ‘Hope’ is finally working.
(Wonder how many of this tremendous leap in jobs was due to hiring by the central socialist government?)
Last month’s downward revision is a killer. That’s more than 1/3 of the jobs they say were created. I can see paperwork snafus that account for a couple percentage points....but 1/3+...that’s crazy.
How many of those “new” jobs are part time and the new 30 hour full time? We’re still millions of jobs behind when W left office.
August Jobs Added: 169,000.
August Jobs Lost: 1,400,000.
Additional August Unemployed: At least 1,231,000.
According to freeper ‘Wyatt’s Torch’: 1,200,000+ jobs lost in a single month is ‘normal’ and we should be thankful all has returned to normal. So kwityerbiching about unemployment numbers.
“How many of those new jobs are part time and the new 30 hour full time? “
Last estimate was that only 20,000 added jobs each month are full time/professional jobs. The 180,000 includes counting people twice (people taking two part time jobs), part time jobs, people being let go and starting two or more jobs, etc.
We have not had a single month where we have added more jobs than we have lost. Yet, Obama and his propagandist minions, including some here, claim unemployment has dropped. That is not possible.