The much anticipated government jobs reports has just come out announcing mixed news, but the great headline for President Obama is that unemployment has dropped to 8.1% from 8.3% helping keep a positive focus on his amazingly successful speech and convention last night. On, a less positive side only 96,000 new jobs were created.
On morning Joe, the stakes the guests put down in advance was that if unemployment dropped to 8.2% or 8.1% people would keep talking about the great success of the DNC, and how much better the whole affair was than the RNC, but that if it rose President Obama's awesome speech would be forgotten. So, even Morning Joe, says this is great news for our President.
Chuck Todd had laid down the marker that anything less than 100,000 jobs would be negative, but, Joe convinced him that this number is overshadowed by the unemployment number.
5:44 AM PT: http://abcnews.go.com/...
By SUSANNA KIM (@skimm)
Sept. 7, 2012
US employers added 96,000 jobs in August, the Labor Department reported Friday. The unemployment rate fell to 8.1 percent as the economy slogged along for the 43nd month in a row with joblessness above 8 percent.
Economists expected an addition of 125,000 total nonfarm jobs in August, which would leave the unemployment rate unchanged at 8.3 percent.
The economy added 163,000 jobs in July but unemployment rose to 8.3 percent as fewer people participated in the work force, the Labor Department reported a month ago. June's revised report showed that employers added just 64,000 jobs that month.
The July, the Labor Department report showed that the actual number of Americans working dropped by 195,000. That means the net gain reported in July was due to seasonal adjustments.
In May and June, new jobless claims had been higher than earlier in the year as well.
6:11 AM PT: Jobs report: Economy added 96K jobs in August
(AP) WASHINGTON - U.S. employers added 96,000 jobs last month, a weak figure that could slow any momentum President Barack Obama hoped to gain from his speech to the Democratic National Convention.
The unemployment rate fell to 8.1 percent from 8.3 percent in July, the Labor Department said Friday. But that was only because more people gave up looking for work. The government only counts people as unemployed if they are actively searching.
The government also said 41,000 fewer jobs were created in July and June than first estimated. The economy has added just 139,000 jobs a month since the beginning of the year, below 2011's average of 153,000.
The hiring figures and unemployment rate will be among the most politically consequential of the campaign. They arrive just as the presidential race enters its final stretch. Jobs are the core issue, and the report could sway some undecided voters. ...
"The truth is, it will take more than a few years for us to solve challenges that have built up over the decades," Obama said.
Tepid hiring could nudge the Federal Reserve to announce some new action to boost growth after its meeting next week..
In addition to those who've given up looking for work, many young Americans are avoiding the job market by remaining in school. All told, the proportion of the population that is either working or looking for work fell to 63.5 percent. That's the lowest level in 31 years for the labor force participation rate.
Average hourly wages dipped a penny to $23.52 and are only slightly ahead of inflation in the past year.
6:12 AM PT: Rather than the relatively upbeat focus on the UR going down to 8.1% being enough to keep people focused on President Obama's inspiring speech, CNN is reporting this with a heavy negative spin, calling this report dismal, and a major set back for the President.