Today’s monthly jobs report is “not even close to what a recovery looks like,” GOP VP contender Paul Ryan told CNBC this morning.
You can say that again:
Speaking of the jobs report, check out America’s “new normal,” courtesy of President Barack Obama:
Here are a few key points to take away from today’s no good awful jobs report:
– While the unemployment rate dropped to 8.1% from 8.3% in July, it was due to a big drop in the labor force participation rate, not the creation of new jobs.
– The participation rate in America’s labor force is now at its lowest level since September 1981.
– If the labor participation rate had stayed the same as last month, the unemployment rate would have increased to 8.4%.
– The broader underemployment rate, which includes part-time workers who want full-time work, now sits at 14.7%.
Huzzah! Four more years, or something.