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America's Dismal August Jobs Report

By       Message Stephen Lendman     Permalink
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The manufacturing index collapsed. It fell from 50.6 to 36.4. It's the weakest showing since August 2010. The index of aggregate hours worked barely gained 0.1%. In July it lost 0.2%. In Q 3, it's running at 0.2% annualized growth. 

It's half what Q 2 posted and slowest since Q 4 2009. It portends slower Q 3 GDP growth than Q 2's weak 1.7% pace.

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Hourly and weekly earning declined fractionally. The latter fell for the second straight month. It was the first time since winter 2009. Given rising food, energy, healthcare and transportation costs, household spending power is increasingly pressured.

Forward-looking indicators portend further employment deterioration. Workweek and overtime hours growth are absent. The factory workweek declined for the past four months.

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Most jobs created are part-time or temp low pay/poor benefit ones. Temp hiring tends to lead total employment up or down. It fell for the first time in five months.

In August, it's significant that nearly twice as many people went on food stamps as found jobs. Recovery is pure fakery. Main Street America remains in protracted Depression. Half the population is impoverished or bordering on it.

Lost public ector jobs make things worse. Instead of creating them during hard times, nearly 700,000 federal, state and local positions were shed since summer 2008. Around half are teachers. 

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It's part of Obama's anti-public education jihad. He wants it commodified into another business profit center. Teaching and learning don't matter. Corporate America's bottom line counts most. At issue is sacrificing a generation of youths on the alter of money power wanting more of it.

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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