Washington (CNNMoney) - Hiring continued at a slow pace in August, and the unemployment rate fell as more Americans dropped out of the labor force.
The U.S. economy added 169,000 jobs in August, the Department of Labor said Friday.
This recovery could get better a lot rapidly if Congress will pass a jobs bill.
"Meanwhile, the unemploymet rate fell to 7.3%, but the decline came for the wrong reasons, as 312,000 people dropped out of the labor force." So with 169K new jobs and 312K dropouts, there's a net 143K less people in the workforce.That's horrible.
"The economy needs at least 200,000 new jobs a month just to keep pace with population growth." So we're not keeping up with population growth, never mind bringing relief those who are unemployed. Not good.
"Job growth for both June and July was also revised lower, by a total of 74,000 jobs.". Enough said.
These data really suck.
Another month of positive jobs growth in the private sector is what kept this number above water. Public sector jobs are shrinking, which is mostly due to the sequestered cuts.
Fox "news" alert: Our dictator is failing us, while our Republican led house tries everything possible to improve unemployment. Up next, "why can't the anointed one lead like Bush did"?
There are several problems: 1. Hiring only part-time jobs. 2. Why work when you get more on welfare? ( statistics shows welfare pays out $15 to $30 an hour, highest in Hawaii) .
"The economy needs at least 200,000 new jobs a month just to keep pace with population growth."
Considering the vast amount of jobs being outsourced to other countries, it is surprising that there is ANY job growth in America. This would be a great time for Messrs. Christie, Rubio, Paul, Cruz, Brown, (etc) to start becoming actual candidates and start addressing the issue of why we as a Nation continue to outsource our valuable jobs outside our own borders and what their individual plans for job growth are.
Hint: Obamacare, tax deductions for corporations, EPA regulation, and trickle down, and Romney's 47% aren't the selling points most Americans are interested in listening to. We've been there, done that for five years now.
We don't want excuses, we want plans.
I see the criers are still crying because they refuse to believe that things are picking up in this country. Maybe they should check out the auto industry statistics that just came out this past week. Yes folks, things are getting better and will continue to do so. All done under the Obama administration as much as you haters would like to think differently. Things could have improved a lot fast if the Republicans would have stopped playing games and because they continue to do so. We get it. They hate Obama, but the American people elected him and things are getting slowly better without their help.
@Fair is Fair,
"So with 169K new jobs and 312K dropouts, there's a net 143K less people in the workforce."
Boomer retirements, "free trade" agreements, automation, and reduction of the public sector will continue to darken otherwise positive job numbers. We can at least do something about public sector jobs. First responders, teachers, and other basic civil service posts are going unfilled throughout the country. But the other issues will ensure we'll never see below 6% unemployment again.
Just imagine how much better things could be if the GOP would work with the POTUS instead of searching for elephants in strawberry patches to find a reason, any reason to impeach him.
"These data really suck."
You find the numbers pleasing. What are you complaining about? It made your day.
China, high tech mfg., many companies trimmed fat when recession hit and have learned to make-do with smaller work force, GOP fear mongering hurting confidence, mountain top removal – no miners needed, this is the future. Below 7% unemployment days are over.
WoW !!! Only 169K Jobs, huh ? LOL – wonder how many "births" this country had, during the same time that 169K was hired. LOL – Quadruple, I'm sure. lol – no wonder almost every state above the Mason Dixon line is practically bankrupt, if not already. I can't wait till the census comes out, in 2020. There's going to be a huge shift in the population in this country, once the results come in. lol
Congress did pass a jobs bill. It is called the Repeal of Obama Care. You want big new stimulus? What happen last one? Why more people leave jobs market? Oh, old Gunderson know. They all now Rich, no?
As always they don't tell the whole truth about the people who doesn't look anymore and that's over 300 thousand so we do have a negative number as always.
I agree with most of the responses here except people who still think we are growing and have faith in our President for his great leadership and business skills.
It's not that we hate Obama he just isn't doing the job he was elected to do like for one thing upholding all the laws we have not just the laws he wants.
Better than losing 900,000 month
time to to put the oil companies intrust in the middle east on the shelf, and working on every day americans -good paying jobs ,education,healthcare and made in america
@ Data Driven –
Boomer retirements. Now that's an interesting topic. By all accounts, approximately 10K boomers per day (300K per month) are retiring. One can assume that if they're "retiring", they had a job to "retire" from. WHAT is happening to those jobs, to the tune of 300K per month? Is a retiree's job being filled considered a "new" job? If 300K are retiring each month and 169K "new" jobs are being created, I see a contracting employment situation, not expanding.
I'm quite confused on this topic, and since you're the Data Dude, I'd be curious if you have thoughts or might be able to explain it to me...
Welfare $15 to $30 per hour??? Where dude?? Definitely NOT Michigan.
And for all of you mislead dummies that believe people are getting rich collecting welfare..... Why don't you quit your job and apply for welfare and see how rich you get. Welfare families are living well below the poverty level. You should try it since you think it's so great.
Also companies are raking in the dough, yet they know people are desperate for work so they hire at very low wages. Case in point. I work for an engineering firm. We do automotive and aerospace work. In the last 2 years that I have worked here the company has acquired 3 new buildings. Just 2 weeks ago, the company picnic cost well over $60,000, yet no one has had raises except the executives and family members in the past 4 years. Next up Christmas party at the most expensive Italian restaurant in the area. There will be 3 and the cost will be extravagant.
Fair is Fair
I'm quite confused on this topic,
Yes confused and pissed off about positive gains being made despite the all-out effort from your team to derail the economy....and the country.
how long will the republican party keep trying to tell people that the job numbers are better because people keep dropping out of the market. ? Not true and totally stupid at this point. If repos would get back from vacation and off their asses and pass a jobs bill things would be better still. They refuse to give credit to the administration . Now they are doing a turn around on Syria . Remember when they thought we should rush in and help. Now that they have used chemical weapons the repos want to back down. Why? Is it because the president is for it. ?
The Automakers had record profits this quarter. Even Fox covered it.