Pathetic jobs numbers

The unemployment rate dropped in August from 8.3% to 8.1%. Good news? Not hardly. The reason for the drop was that more people stopped looking for work. And the economy could only manage to create 96,000 jobs -- far below what is necessary to employ all the new workers who enter the work force every month. In a word - pathetic. LA Times: U.S. employers added 96,000 jobs last month, a weak figure that could slow any momentum President Barack Obama hoped to gain from his speech to the Democratic National Convention. The unemployment rate fell to 8.1 percent from 8.3 percent in July, the Labor Department said Friday. But that was only because more people gave up looking for work. The government only counts people as unemployed if they are actively searching. The government also said 41,000 fewer jobs were created in July and June than first estimated. The economy has added just 139,000 jobs a month since the beginning of the year, below 2011's average of 153,000. Dow Jones...(Read Full Post)