.

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.”

Len Destin September 07, 2012 at 09:52 PM
"...pulling the country and our state out of that downturn is hard. Really hard.” And especially when you increase taxes across the board and then try to blame someone else for it. Can't have it both ways there Dannel - we see through your charade.
Alex Tytler September 07, 2012 at 11:35 PM
The unemployment figure is a farce. i doesn't include the people who have run through their 99 weeks and are still unemployed. The figure doesn't count them. The 99 weeks was designed this way. The last print before the election will be 7.9%, by design.
DAY September 08, 2012 at 02:35 PM
The governor's a liar. This latest downturn is more comparable to the one in 1980; not the Great Depression.
Lucy McGrath September 08, 2012 at 03:09 PM
“The phrase ‘worst economic downturn since the Great Depression’ is used so often, we’ve become immune to the words. DUH DAY, only someone off their meds would get their panties in a wad over this statement of fact.
Paul Alexander September 08, 2012 at 03:52 PM
More people are joining the SNAP program (Food Stamps) each month than are finding jobs. http://frac.org/reports-and-resources/snapfood-stamp-monthly-participation-data/#2jun If 47.7 MILLION Americans were lining up at soup kitches each month instead of receiving food stamps and annonymously shopping at Walmart, people would have a better understanding of how bad this economic crisis is. But since they can't see it, people don't believe how bad it really is. It's bad. And SNAP as created such a large dependency that there is NO WAY SNAP can be curtailed without riots being the result.
Paul Alexander September 08, 2012 at 03:53 PM
Another one of Sully's multiple personalities.
Paul Alexander September 08, 2012 at 03:55 PM
...which is just one more reason why the Town of Newtown needs to stop robbing its citizens.
Paul Alexander September 08, 2012 at 05:29 PM
...or... The Feds could just tax corporate profits at 100% and use the windfall to create jobs... Would you support a law banning corporate profits? http://www.youtube.com/watch?v=07fTsF5BiSM&feature=player_embedded I don’t know whether to laugh my A$$ off or slit my wrists.
Daniel Patti September 08, 2012 at 05:42 PM
This is a perfect example of why government can't stimulate economic growth. They've done a great job forcing interest rates down and propping up the stock market but the fundamental problems regarding economic growth are worsening.
Hermann Zwergel September 08, 2012 at 05:56 PM
Dammn Dan, I was all set to vote for the Romney solution! The Romney plan has three overarching objectives: to restore confidence in America’s economic future, to make America once again a place to invest and grow, and to provide opportunities for Americans to compete and succeed. These objectives are all about unlocking the potential for innovation, investment, and initiative in America’s dynamic economy.
Paul Alexander September 08, 2012 at 06:14 PM
Sully, Daniel Patti said that the government can’t "STIMULATE" economic growth. Attempting to "Stimulate" economic growth is direct action by the government. Obama has tried and failed. Of course his answer...and the answer of every Marxist... is that the government's efforts haven't had enough time to produce results. That's always the Marxists answer when their ideas fail. Romney's agenda, as I understand it, is more INDIRECT. Government needs to 1.) GET THE HELL OUT OF THE WAY and 2.) Shrink so as not to consume such a large percentage of productive capacity. So Sully, don’t confuse Obama's DIRECT government economic influence agenda with Romney’s INDIRECT government influence agenda. They are two totally different animals. One has worked historically. One has failed historically.
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

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something