Unemployment falls in August

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The U.S. unemployment rate decreased to 8.1 percent in August from 8.3 percent in July, according to The Washington Post.

However, U.S. employers added 96,000 jobs in August—well below the 125,000 economists expected. The unemployment rate reportedly fell because more people stopped looking for work.

Additionally, 41,000 fewer jobs were created in June and July than previously estimated. The economy has added 139,000 jobs per month since the beginning of the year compared with the 2011 average of 153,000 jobs per month.

In August, the professional and technical services sector added 27,000 jobs; health care sector added 17,000 jobs; and financial services sector added 11,000 jobs. The manufacturing sector lost 15,000 jobs. The construction, retail, transportation and warehousing, government and mining sectors basically were unchanged.

There currently are 12.5 million unemployed people in the U.S.

9/7/2012

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Posted by rob_the_roofer on 9/7/2012, User rating
Not mentioned in the WAPO version of the story is the sorry fact that BLS also noted that 386,000 "dropped out" of the work force, continuing the trend of a shrinking labor force.