Obama’s economy fails yet again. Nearly 100,000 fewer jobs were added than was expected in August. 28,000 fewer jobs were added in June and July than was originally reported as well. Even with these lousy job number, the unemployment rate fell to 6.1%. Why? Aside from Obama’s corrupt regime fudging the numbers, more people simply quit looking for work. The labor force participation rate also fell to 62.8% in August, from 62.9% in July.
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| ObamaFAIL: fewer jobs added in August, July, June |
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The U.S. economy added just 142,000 jobs in August, far below expectations as major sectors such as manufacturing, retail and transportation saw weak job creation.
The unemployment rate fell by 0.01 percentage point to 6.1%, according to figures released Friday by the U.S. Labor Department.
Analysts had predicted 225,000 new jobs and that the unemployment rate would drop slightly from its 6.2% level a month ago.
Meanwhile, the labor force participation rate also fell to 62.8% in August, from 62.9% in July, another disappointment. The Labor Department also said job creation in June and July was 28,000 lower than initially reported.
The disappointing labor report could force Federal Reserve policymakers to rethink plans for raising interest rates sooner than anticipated.
“The report is a remarkable disappointment as a headline number, especially after receiving such promising macro data over the summer,” said Todd M. Schoenberger, President, J. Streicher Asset Management in New York.