US job numbers were just release this morning. Only 96K jobs were added in for the month of August. The US economy needs to create in the ball park of 250K jobs a month to keep on with population growth. Most media outlets were speculating the report to show job creation right around 200K. This is a serious disappointment.
On the bright side of the story the Unemployment rate dropped to 8.1% I am sure a lot of people will play the spin that the economy is going in the right direction and the decrease in the Unemployment rate as an indicator that things are looking up.
Do not be fooled! The main reason the Unemployment rate dropped was because the labor participation rate had decrease by 386K people. That mean 386K people gave up looking for a job. And if you added back in all of the people that have given up looking for a job over the pass few years our Unemployment rate would be near 11%
This is not good new for our economy. We are seeing a recovery but I would call it a flat line recovery at best if we are not getting ready to go the other direction. I pray that this is not the case. Please reply to my blog and let me know what you think about the state of our economy and the direction you think we are going.
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386,000 came out of the labor participation
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