August jobs report absolutely horrendous – workforce participation rate hits 30 year low – real numbers show 272,000 jobs lost
‘Unexpectedly’ the jobs report for August 2012 was worse than expected. A measly 96,000 jobs were added in August, yet the corrupt OBAMA BLS managed to fudge the numbers enough to lower the unemployment rate 0.2% points. A reason given for the sudden drop in unemployment rate, despite the lousy job numbers is that civilian participation rate hits a new 30-year low at just 63.5%. 368,000 left the labor force in August, so in reality there weren’t 96,000 jobs created, but 272,000 jobs lost!
Oh and BTW, those job numbers in June and July? Overstated. They have been revised way down. CNBC reports that the previously sunny July report got downwardly revised, as did June, and that the report missed expectations in a big way:
But job reports for June and July were revised lower. The June count fell from 64,000 to 45,000, while July’s number came in at 141,000 from an originally reported 163,000.
Despite hopes that job creation would be better than expected, the monthly report fell short of economist expectations that 125,000 jobs were added for the month. The government said private payrolls increased by 103,000, about half the 201,000 that ADP reported Thursday.