From Charlotte, North Carolina -
Despite all of the cheering on the floor of the Democratic National Convention on Thursday night for President Obama, the outlook on his administration took another direct hit Friday morning with another weak jobs report that showed more people giving up looking for work.
While the headline was certainly good for the President, as the jobless rate dropped from 8.3% in July to 8.1% in August - the nitty gritty details of that Labor Department report again raised questions about what is next for the U.S. economy.
Only 96,000 jobs were created in August, far short of the number that economists say is needed to truly reduce the jobless rate.
The much broader measure of unemployment - the U6 - also dropped in August, but still stands at 14.7%, what many regard as a better snapshot of the number of people looking for full time work.
One measure of that is the "Labor Force Participation" rate - it was at 63.5% in August - it was at 65.7% when President Obama took office.
In a sense, it was a bucket of cold water on the Obama campaign, which steered around the economy during much of the Democratic National Convention, except to mainly say that Republicans had blocked efforts by the President to improve economic conditions.
For Mitt Romney to win in November, the focus for his campaign most likely needs to be mainly on economic issues; when it is on something else, Romney has not been sure-footed, and neither has his campaign team.
Both parties - as usual - dug into the jobless report to find nuggets that would bolster their campaign arguments.
Republicans focused on 43 straight months of an unemployment rate over 8%; Democrats said there have been 30 straight months of job growth in the private sector.
To see the jobless report for yourself - and draw your own conclusions - you can find it below:
THE EMPLOYMENT SITUATION -- AUGUST 2012
Total nonfarm payroll employment rose by 96,000 in August, and the unemployment rate edged down to 8.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in food services and drinking places, in professional and technical services, and in health care.
Household Survey Data
The unemployment rate edged down in August to 8.1 percent. Since the beginning of this year, the rate has held in a narrow range of 8.1 to 8.3 percent. The number of unemployed persons, at 12.5 million, was little changed in August. (See table A-1.)
Among the major worker groups, the unemployment rates for adult men (7.6 percent), adult women (7.3 percent), teenagers (24.6 percent), whites (7.2 percent), blacks (14.1 percent), and Hispanics (10.2 percent) showed little or no change in August. The jobless rate for Asians was 5.9 percent (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)
In August, the number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 5.0 million. These individuals accounted for 40.0 percent of the unemployed. (See table A-12.)
Both the civilian labor force (154.6 million) and the labor force participation rate (63.5 percent) declined in August. The employment-population ratio, at 58.3 percent, was little changed. (See table A-1.)
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed at 8.0 million in August. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job. (See table A-8.)
In August, 2.6 million persons were marginally attached to the labor force, essentially unchanged from a year earlier. (These data are not seasonally adjusted.) These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months. They were not counted as unemployed because they had not searched for work in the 4 weeks preceding the survey. (See table A-16.)
Among the marginally attached, there were 844,000 discouraged workers in August, a decline of 133,000 from a year earlier. (These data are not seasonally adjusted.) Discouraged workers are persons not currently looking for work because they believe no jobs are available for them. The remaining 1.7 million persons marginally attached to the labor force in August had not searched for work in the 4 weeks preceding the survey for reasons such as school attendance or family responsibilities. (See table A-16.)
Establishment Survey Data
Total nonfarm payroll employment rose by 96,000 in August. Since the beginning of this year, employment growth has averaged 139,000 per month, compared with an average monthly gain of 153,000 in 2011. In August, employment rose in food services and drinking places, in professional and technical services, and in health care. (See table B-1.)
Employment in food services and drinking places increased by 28,000 in August and by 298,000 over the past 12 months.
Employment in professional and technical services rose in August (+27,000). Job gains occurred in computer systems design and related services (+11,000) and management and technical consulting services (+9,000).
Health care employment rose by 17,000 in August. Ambulatory health care services and hospitals added 14,000 and 6,000 jobs, respectively. From June through August, job growth in health care averaged 15,000 per month, compared with an average monthly gain of 28,000 in the prior 12 months.
Utilities employment increased in August (+9,000). The increase reflects the return of utility workers who were off payrolls in July due to a labor-management dispute.
Within financial activities, finance and insurance added 11,000 jobs in August. Employment in wholesale trade continued to trend up. Employment in temporary help services changed little over the month and has shown little movement, on net, since February.
Manufacturing employment edged down in August (-15,000). A decline in motor vehicles and parts (-8,000) partially offset a gain in July. Auto manufacturers laid off fewer workers for factory retooling than usual in July, and fewer workers than usual were recalled in August.
Employment in other major industries, including mining and logging, construction, retail trade, transportation and warehousing, information, and government, showed little change over the month.
The average workweek for all employees on private nonfarm payrolls was unchanged at 34.4 hours in August. The manufacturing workweek declined by 0.2 hour to 40.5 hours, and factory overtime was unchanged at 3.2 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was unchanged at 33.7 hours. (See tables B-2 and B-7.)
In August, average hourly earnings for all employees on private nonfarm payrolls edged down by 1 cent to $23.52. Over the past 12 months, average hourly earnings rose by 1.7 percent. In August, average hourly earnings of private-sector production and nonsupervisory employees edged down by 1 cent to $19.75. (See tables B-3 and B-8.)
The change in total nonfarm payroll employment for June was revised from +64,000 to +45,000, and the change for July was revised from +163,000 to +141,000.
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From Charlotte, North Carolina - Despite all of the cheering on the floor of the Democratic National Convention on Thursday night for President Obama, the outlook on his administration took another direct hit Friday morning with another weak jobs report that showed more people giving up looking for work. While ...
