The government’s August jobs report from its Bureau of Labor Statistics was all too typically lackluster.
It is true that 164,000 seasonally adjusted payroll jobs were added during the month, per the Establishment Survey of employers, but June and July were revised down by a combined 75,000. The Household Survey used to determine the unemployment rate had even grimmer news, as it showed that 115,000 fewer Americans were working in August than in July. The only reason that the official (“U-3?) unemployment rate fell to 7.3 percent is because the civilian workforce shrunk by over 300,000, taking the labor force participation down to 63.2 percent, that figure’s lowest level in since 1978.
On Wednesday, the Obama administration indicated that it wants to take the focus off of Syria and for the umpteenth time shift the president’s energies back to the economy. Haven’t you guys done enough damage already?
It may be hard to get used to the idea, but the onslaught of statistics such as these in the areas of employment and output indicates that we’re in an economy which, in certain statistical respects, more resembles what the nation experienced during the 1930s than during the other far more legitimate recoveries seen since World War II.