US jobs Aug. 2012 huge miss, would be 8.4 with July 2012 labor force, U6 14.7%, both June and July 2012 revised down

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Obama touted manufacturing sector but it lost 15,000 jobs in Aug. 2012. Labor participation rate of 63.3 is a 31-year low, employment-population ratio at 58.3, near recession low. 368,000 dropped out of the labor force.

9/7/12, "The awful, awful August jobs report," Jim Pethokoukis, AEI

– "If the labor force participation rate was the same as when Obama took office in January 2009, the unemployment rate would be 11.2%.

– If the participation rate had just stayed the same as last month, the unemployment rate would be 8.4%.

– The Labor Department also said that 41,000 fewer jobs were created in June and July than previously reported. The change in total nonfarm payroll employment for

• June was revised from 64,000 to 45,000, and

• the change for July was revised from 163,000 to 141,000.

– The broader U-6 unemployment rate, which includes part-time workers who want full-time work, is at 14.7%.

– The employment-population ratio is perhaps the broadest measure of the health of the labor market. It just shows how many Americans — not in the military or in prison — as a share of the population actually have some sort of a job. That number

• fell last month to 58.3%,
  

just off its Great Recession lows....

A huge miss. It shows the U.S. labor market remains in a deep depression, generating few jobs and little if no income growth....

– Nonfarm payrolls increased by only 96,000 in August, the Labor Department said, versus expectations of 125,000 jobs or more. The manufacturing sector, much touted by the president in his convention speech,

• lost 15,000 jobs.

– Since the start of the year, job growth has averaged 139,000 per month vs. an average monthly gain of 153,000 in 2011....

– While the unemployment rate dropped to 8.1% from 8.3% in July, it was due to a big drop in the labor force participation rate (the share of Americans with a job or looking for one). If fewer Americans hadn’t given up looking for work, the unemployment rate would have risen."...

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9/7/12, "The Reason Why The Unemployment Rate Dropped: The Labor Participation Rate Is At Fresh 31 Year Lows," Zero Hedge

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9/7/12, "Record 88,921,000 Americans ‘Not in Labor Force’—119,000 Fewer Employed in August Than July," CNS News, T. Jeffrey

119,000 fewer people working in August than in July.

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CNN: 9/6/12, Reporter speaking to Soledad O'Brien, Obama still needs 261,000 more jobs to break even, to make up all the jobs lost during his administration.

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