According to this morning's report from the Bureau of Labor Statistics, the unemployment rate for August fell to 8.1% compared to 8.3% in July. If you like your news positive and grossly oversimplified stop reading now; the details on the report are hideous.
Consider:
Nonfarm Payroll Employment rose by 96k compared to estimates of 125k - 130k and a far cry from the average growth of 139k in 2012. Last year the average monthly gain was 153k. July's NFP number was revised lower from 163k to 141k. The greatest gains came from the food services and drinking sector. In other words, from waiting tables or bartending. These are some of the most brutal, lowest paying jobs extant. The labor force participation rate fell to 63.5%, the lowest read in over 30 years.
When this number goes down so does the stated unemployment rate. To get to 8.1% unemployment, 368,000 Americans had to drop out of the labor force. No matter what you hear or read elsewhere, America's job picture is getting worse. Much, much worse.
(Excerpt) Read more at finance.yahoo.com ...
