Bad News for Obama: 581,000 People out of Workforce – Dow Jones Drops

Sep 7, 2012 by

by Donna Garner
9.7.12, 8:30 A. M. (EDT)

Quote from this morning’s Washington Post: “U. S. employers added 96,000 jobs last month, a weak figure that could slow any momentum President Barack Obama hoped to gain from his speech to the Democratic National Convention…Dow Jones industrial futures, which had been up before the report, fell soon after it was released.”

The new unemployment figures were announced by the U. S. Bureau of Labor Statistics a few minutes ago: http://www.bls.gov/news.release/empsit.nr0.htm

The unemployment rate dropped to 8.3% in July to 8.1% in August because 581,000 people dropped out of the workforce. During the Pres. George W. Bush years, the average unemployment rate was 5.2%.

The number of new jobs created in August was only 96,000.  America needs to add 135,000 new jobs per month to just break even with population growth. That means the Obama administration fell short 39,000 new jobs last month to even break even.

 

 

The sad thing is that most of the jobs added last month were in lower-paying industries (e.g., restaurants, hotels, leisure industries), but the number of higher-paying manufacturing jobs fell by 15,000 – the most in 2 years.

 

The Labor Department also said 41,000 fewer jobs were created in July and June than first estimated.

 

 

Today’s report was depressing throughout because hourly pay fell, the number of people in the workforce dropped to its lowest level in 31 years, and manufacturers cut the most jobs in two years.

 

 

Out of the number of people who are able to work in America today, only 64% are working. The proportion of the population that is either working or looking for work fell from 63.7% in July to 63.5% in August — the lowest level in 31 years.

 

 

Obama said from March 2010 to December 2011, “We created 3 million jobs in 22 months” or 136,000 jobs per month.  Not so.  The number should be 84,000 jobs per month.

 

 

Obama said from March 2010 to July 2012, “We created 4.5 million jobs in 29 months” or 155,000 jobs per month.  Again, not so.  The number should be 113,000 jobs per month. 

 

 

The unemployment rate has now been over 8 percent for 43 months (Obama’s full time in office).

 

 

This is the longest period with unemployment over 8 percent on record!

 

 

The current “recovery” is the weakest recovery of the post–World War II era.

 

 

To learn more about our economy and jobs, please go to the following articles:

 

9.1.12 — Part 1 — “Obama Has Failed To Create Jobs” – by Henry W. Burke — http://libertylinked.com/posts/10068/pt-1-of-2—-obama-has/View.aspx

 

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9.2.12 – Part II – “Obama: the Job Killer” – by Henry W. Burke —  http://libertylinked.com/posts/10069/pt-2-of-2—-obama-the-job/View.aspx

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