Job Numbers Report Misses Expectations

The Bureau on Labor Statistics reported Friday that August reported less-than-expected job growth for Americans.

96,000 jobs were created in the month of August and despite the weak growth, the unemployment rate dropped from 8.3 percent to 8.1 percent. However, the unemployment rate for African-Americans is 14.1 percent.

The jobless rate shrank only because more than 300,000 workers dropped out of the labor force in August, following a trend that has accelerated with the nation’s economic problems. The Labor Department counts only those who are actively seeking a job as unemployed.

The report also said that 41,000 fewer jobs were created in July and June than first estimated. The revisions mean that employers have added just 139,000 jobs a month since the beginning of the year, below last year’s average of 153,000.

The Washington Post

According to the report, employment rose in food services and drinking places, in professional and technical services, and in health care.