August Jobs Report Shows Continued Weak Economy
Posted on September 11, 2010The August jobs report from the BLS beat relatively low expectations. Nonfarm payroll employment fell by 54,000 jobs. The unemploment rate was relatively unchanged at 9.6%. The positive news was in the private-sector jobs, where 67,000 jobs were added. This is a positive number, but it isn't a number that is big enough to warrant excitement about the economy.
U.S. News has a good write-up here on what the jobs report means. An important note they make is that the long-term unemployed are missing out on the churn. This is not good. The economy is not going to get better until these people who have been out of work for months or years can get hired.