Payrolls in U.S. Rose 96,000 in August, Jobless Rate Fell

[NHSparky]

Payrolls in U.S. Rose 96,000 in August, Jobless Rate Fell



By Shobhana Chandra - Sep 7, 2012 8:37 AM ET

(c) Bloomberg.com

LINK TO BLOOMBERG

(excerpt)

Payrolls rose less than projected in August and the unemployment rate declined as more Americans left the labor force, indicating the U.S. labor market is stagnating.

The economy added 96,000 workers last month following a revised 141,000 rise in July that was smaller than initially estimated, Labor Department figures showed today in Washington. The median estimate of 92 economists surveyed by Bloomberg called for a gain of 130,000. Unemployment unexpectedly fell to 8.1 percent, and hourly earnings were unchanged.

Employers may be reluctant to expand headcounts as they face a global economic slowdown and the so-called fiscal cliff of automatic tax increases and government spending cuts. The damage inflicted by the lack of progress on jobs is the reason Federal Reserve Chairman Ben S. Bernanke last week said the central bank may need to do more.

“This is definitely a setback for the labor market and the economy,” said Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. in New York and former economist for the Fed. “This clearly validates Bernanke’s concern. We have Europe, the fiscal cliff, and it is a generally cautious business environment.”

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Whoop-de-frickin-doo.  94K jobs added, but 368K gave up, which is the only reason why the U-3 went down.  No way any but the biggest of liars can spin this.  None.

[BlueStateSaint]

Mods, could you delete this?  Sparky was faster with his typing.

[NHSparky]

I can haz thread merge?

[BlueStateSaint]

I can haz thread merge?

No, you can't haz--I deleted my post, and left a message for the mods to remove it entirely.

ETA:  I didn't get it.   (I suppose you can haz it.)

[franksolich]

I can haz thread merge?

You have it.

Your request is my compliance, sir.

I didn't delete BlueStateSaint's part because he has comments on it.  So I just merged it.

[miskie]

Awww.

So much for riding that post convention wave of employment, team Obama. Though I suspect you will come right out today and lie about how great everything is.

[NHSparky]

Awww.

So much for riding that post convention wave of employment, team Obama. Though I suspect you will come right out today and lie about how great everything is.

He's in Portsmouth today--I fully expect the bullshit river to be overflowing Congress Street, out Woodbury Avenue, and piling on to I-95 right about rush hour.

[NHSparky]

From the Boston Herald website's story:

Many of the jobs were in lower-paying industries such as retail, which added 6,100 jobs, and hotels, restaurants and other leisure industries, which gained 34,000. Higher-paying manufacturing jobs fell by 15,000, the most in two years.

Welcome to the O-conomy.

[Scoobie]

He's in Portsmouth today--I fully expect the bullshit river to be overflowing Congress Street, out Woodbury Avenue, and piling on to I-95 right about rush hour.

We might make it home to tuck the kids into bed. 

[DefiantSix]

We might make it home to tuck the kids into bed. 

You mean to tell me that you aren't going to get a police escort through empty streets like Obama will? I thought he was "just like one of us"?

[J P Sousa]

  Many of the jobs were in lower-paying industries such as retail 

Sounds like those "burger flipper" jobs the dems said Bush created.

..

[zeitgeist]

From the Boston Herald website's story:

Welcome to the O-conomy.

Let me just jump in here to give a link to the play by  play from our beloved local rag featuring some of Sparky's favorite folk:

http://www.seacoastonline.com/articles/20120907-STORIFY-120909846

They have an interesting format going which I hope this is the link for.

FYI Sparky Teleprompter Jebus was in the air at 3PM and from what I could tell it was actually a pretty light crowd (6K?) so you should be all right on the ride home.  Market Square days gets a bigger turnout than ObieWun did, ditto the Seafood Festival.

[Lacarnut]

The Magic Negro has no clue about how to increase jobs. 396,000 dropped off the employment roles and 96k were hired. That is horrible. The O  is toast.   

[zeitgeist]

The Magic Negro has no clue about how to increase jobs. 396,000 dropped off the employment roles and 96k were hired. That is horrible. The O  is toast.   

And burnt toast at that.

[NHSparky]

But the MSM dare not tell the truth to the sheeple lest they stampede.

[Chris_]

A top White House economics spokesman cautions against reading too much into a single month of employment data — and we concur: One month isn't enough. So how about 44 months instead?

The only reason the jobless rate fell in August was 368,000 people left the labor force, pushing labor force participation down to a 31-year low of 63.5%. Some 23 million people either don't have jobs, are looking for full-time work or are underemployed.

As IBD points out on its front page today, if the labor force participation rate had remained constant during Obama's years in office, unemployment today would be about 11.1%.

Investors Business Daily

[docstew]

They have been pushing this "can't read too much into one month's report" shtick for at least 6 months straight now

[obumazombie]

A seamless thread merge if you ask me, even though no one did. Not even my bestest forum buddy Iassa. Oh the indignity.

[BlueStateSaint]

They have been pushing this "can't read too much into one month's report" shtick for at least 6 months straight now

Ya know, they have a point.  One shouldn't read too much into one month's report.

When there's forty-three monthly reports in a row that say the same thing, one can read a lot into month #44.

[DefiantSix]

Ya know, they have a point.  One shouldn't read too much into one month's report.

When there's forty-three monthly reports in a row that say the same thing, one can read a lot into month #44.

[obumazombie]

Thunderbird.
Reason ?

[zeitgeist]

Thunderbird.
Reason ?

Fifty twice?  Oh wait, that's the price.

[obumazombie]

Fifty twice?

That's the price, although in my neighborhood, it's 2 dimes twice.
The reason is...drinking season.

Who drinks the most ?