U.S. Unemployment Falls to 8.1 Percent on Weak Report

The August jobs report is not as good as expected with weak job growth and more people leaving the labor force.

The economy saw the addition of 96,000 jobs in August, while 368,000 people left the labor force entirely. The modest job gains, coupled with fewer workers, brought the unemployment rate down from 8.3 to 8.1 percent. 

According to the U.S. Bureau of Labor Statistics, employment growth has averaged 139,000 per month in 2012, compared with an average monthly gain of 153,000 in 2011. Economists predicted 125,000 new jobs rather than the 96,000 that were delivered, reports CNBC.

A poor jobs report is considered bad news for President Barack Obama in the election, according to some experts.

“You could almost see if it’s a bad number, that could be perceived as good for the market, because that would help Romney,” Steve Massocca, of Wedbush Securities, told CNBC. 

The national figures do not reveal how Connecticut fared in August, as the state Department of Labor will be releasing those figures later this month. In July, to the highest levels since October 2011 with an 8.5 percent rate.

When the figures were released, Gov. Dannel P. Malloy said, “The phrase ‘worst economic downturn since the Great Depression’ is used so often, we’ve become immune to the words. But they’re true. So, it should come as a surprise to no one that pulling the country and our state out of that downturn is hard. Really hard.”

Paul Alexander September 08, 2012 at 06:16 PM
Oh...and did you watch the YouTube video I linked up above? I shot Mojito out of my nose I laughed so hard. What a bunch of goomers.
Hermann Zwergel September 08, 2012 at 07:20 PM
Yea, the trickle down bull crap really worked well from 2000 - 2008, as the whole economy collapsed. Lets give the wealthiest 1% tax cuts and screw everyone else. Sounds like you've OD'd on Glenn Beck again.
Paul Alexander September 08, 2012 at 08:10 PM
“Why Democrats, including me, are abandoning Obama” http://www.sodahead.com/united-states/why-democrats-including-me-are-abandoning-obama/question-3156291/ The guy is an empty suit. Even the most partisan liberals are beginning to recognize it. I for one won’t be participating on November 6th…but shall be observing through a rum induced trance from the shores of a remote Bahamian Island. And if the election devolves into a lawyer fest on November 7th, I think I shall stay.
Paul Alexander September 08, 2012 at 09:11 PM
Oh...and you can expect QE3 to be a sure thing now that this NFP report has printed. Maybe as soon as this coming week. Another dose of heroin for the addict...err...economy...err...country...err...Obama's election capmaign.
Veritas vos liberabit September 08, 2012 at 11:43 PM
Rob Taub is a writer and comedian. He is host of Tech Hub on WOR AM radio. WOW, that is someone I REALLY think should tell me how to vote ! LMFAO ! Try Limpbaugh or Beck next time Skipper


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