The 21.3 million Americans unemployed or under employed might use a different word than "disappointing."
So, too, might the 312,000 more Americans who gave up even trying to find a job last month and left the workforce completely. Four years into a supposed economic recovery, the once great U.S. economy has the smallest percentage of the population employed or even looking for a job than at any time in the last 35 years.
I had begun to analyze and decipher the new data, but James Petholoukis at AEI did it for me. So, below is his excellent report to which I'll simply add, "ditto."
By James Pethokoukis, American Enterprise Institute
September 6, 2013
How do you know the August jobs report was pretty bad? When the best thing you can say is that it might have met Wall Street expectations if not for a temporary shutdown in the porn industry last month. (The motion picture and sound recording industry lost 22,000 jobs in August, according to the BLS.) Sure, the White House can argue, as economic adviser Jason Furman did right after the report’s release, that the “incoming economic data broadly suggest that the recovery continues to make progress.” But consider the following:
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