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August jobs report: 142,000 jobs added......


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august-jobs-report-142000-jobs-added-in-big-missHot Air:

Ed Morrissey

September 5, 2014

 

If the Obama administration hoped to keep up the narrative of a healing economy as the midterm general election campaigns heat up, they will be bitterly disappointed with the August jobs report. The US economy added only 142,000 jobs in August, far below expectations after yesterday’s ADP report, and the workforce numbers continue to lag:

 

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The combined job growth in June and July was revised downward by 28,000 jobs as well, still leaving both above the 200K level. This result falls slightly below the rate needed to keep up with population growth, in effect making it a step backward. That comes as a surprise, given the rosy predictions of economic growth this year even after the disastrous Q1 GDP report.

 

That wasn’t the only bad news, either. The number of people not in the labor force rose by 268,000, almost twice as many as the new jobs created in the same period. In the population survey, the number of people employed in non-agricultural industries fell, both overall (-168,000) and part-time (-197,000). Both the U-3 and U-6 measures fell slightly, but the civilian workforce participation rate fell slightly as well to 62.8%, and the employment-population ratio stayed the same as it has for the last three months at 59%.

 

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