Friday, September 7, 2012
The Department of Labor released its employment data for August today and it was more of the same--not awful, but not good either. There were 96,000 jobs added the last month; 103,000 jobs in the private sector and 7,000 less government jobs. The two previous months were revised downward by about 20,000 jobs a month. Given the number of people dropping out of the labor market, the unemployment rate dropped from 8.3% to 8.1%.
This may spur the Federal Reserve to take more aggressive actions, but we'll see . . . .