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Not even close': Paul Ryan responds to horrible jobs report

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JACKSONVILLE, FL - SEPTEMBER 01: Republican vice presidential candidate Rep Paul Ryan (R-WI) speaks during a campaign rally on September 1, 2012 in Jacksonville, Florida. Mitt Romney will hold campaign events in Ohio and Florida.Credit: Getty Images

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.

 

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