WASHINGTON — The August jobs numbers for the U.S. was tepid at best, creating fear and disappointment for those that waited for the jobs report.
Reuters reported that fewer workers were hired in the month of August than expected while the jobless rate hit a 4 and a half year low, but that is because more workers dropped out of the workforce.
Only 169,000 jobs were created in August, far short of the predicted 180,000. This marks a summer of bad jobs numbers and an increase in part-time workers, due to ObamaCare regulations that will take effect sooner rather than later.
Although the unemployment rate decreased from 7.4 to 7.3%, it still did not add much optimism. The labor force participation rate is at its lowest since August 1978 (which in perspective, was during the Jimmy Carter years).
It hurt even more that the June and July numbers were downgraded to show that 74,000 less jobs were created during the two months.
Looks like this is Obamanomics at work. Failed government economic stimulus, falling participation numbers and increase in part-time workers could signal a new normal for American workers and their families.