August Numbers Are All About Decline
Unemployment fell .2% because so many Americans declined to continue looking for work. Is that hope for those 368,000 last month?
June and July jobs numbers declined. They were revised to show 41,000 fewer jobs created. According to Reuters, much of the original inflation was seen in the auto industry, which kept plants open for operation when they would typically close for retooling.
Manufacturing payrolls declined 15,000, the first downturn since September 2011.
Government payrolls went down 7,000, which stretching the decline in that sector for six straight months.
Temporary hiring declined 4,900 for the first time since March.
The participation rate of employment declined to the lowest percentage in 21 years. At 63.5%, that hasn’t been seen since September of 1981.
Workforce participation for men declined to 69.9%, the lowest since 1948.
Average hourly earnings declined one cent last month.
Job growth has declined: In 2011, the average monthly gain was 153,000. In 2012, the average monthly gain has only been 139,000 per month.
I don’t know about you, but this doesn’t seem to fit Obama’s plan to move FORWARD.
(crossposted at alanjoelny)