Friday, September 07, 2012

The August Jobs Report

The new jobs report is out and the numbers could honestly be better.  Unfortunately, they are not.

Former Labor Secretary Robert Reich offers his thoughts on the matter at hand.
Look, I desperately want Obama to win. But the one thing his speech last night lacked was the one thing that was the most important for him to offer — a plan for how to get the economy out of the doldrums.[...]

But the President could have offered more than the rejoinder he did — suggesting, even in broad strokes, what he’ll do in his second term to get the economy moving again. At least he might have identified the scourge of inequality as a culprit, for example, pointing out, as he did last December, that the economy can’t advance when so much income and wealth are concentrated at the top that the vast middle class doesn’t have the purchasing power to get it back on track.
The overall numbers in the August Employment Situation Report shows that 96,000 nonfarm payroll jobs were added in August.  As a result, the unemployment rate dropped to 8.1% but this is nowhere close to the 125,000 that analysts had predicted.

The 8.1% does not take into account the number of people that have given up on the job search.

Where are these so-called job creators that the Republicans keep talking about and why are they not out there creating jobs?

No comments: