America's Dismal August Jobs Report
What few jobs were created were low pay poor ones.
by Stephen Lendman
Headlines obscured its ugliness. The Bureau of Labor Statistics (BLS) reported a dismal 96,000 jobs created. Whisper numbers suggested around 200,000. June and July totals were revised down 41,000. They're usually momentum drivers for future data releases.
U-3 unemployment dropped from 8.3% to 8.1%. It's because 368,000 workers hadn't found jobs after over a year of looking. BLS calls them non-persons. They don't exist.
At the same time, it added a fictitious 87,000 jobs based on so-called birth/death calculations. They turn reality on its head.
The labor force participation rate fell from 63.7% to 63.5% month over month. Doing so hit a 30 year low.
The total number of non-person workers surged 2.7 million. It's 3.2% above a year ago. An astonishing 89 million Americans want jobs can't find them. Their numbers equal Germany's entire population.