SEARCH BLOG: ECONOMY and OBAMA.
Despite the rosy rhetoric from the Democratic National Convention, it is becoming increasingly clear that President Obama's performance in office ... sucks big time.
From Yahoo Finance:
According to this morning's report from the Bureau of Labor Statistics, the unemployment rate for August fell to 8.1% compared to 8.3% in July. If you like your news positive and grossly oversimplified stop reading now; the details on the report are hideous.
- Nonfarm Payroll Employment rose by 96k compared to estimates of 125k - 130k and a far cry from the average growth of 139k in 2012. Last year the average monthly gain was 153k.
- July's NFP number was revised lower from 163k to 141k.
- The greatest gains came from the food services and drinking sector. In other words, from waiting tables or bartending. These are some of the most brutal, lowest paying jobs extant.
- The labor force participation rate fell to 63.5%, the lowest read in over 30 years. When this number goes down so does the stated unemployment rate. To get to 8.1% unemployment, 368,000 Americans had to drop out of the labor force.
No matter what you hear or read elsewhere, America's job picture is getting worse. Much, much worse. [full article]