Strangely, the unemployment rate stayed at a staggering 9.1% for the month.
After vacationing for much of the past two weeks, Obama is headed to Camp David this afternoon for a little R&R during the long Labor Day weekend.
The weakness in employment was underscored by revisions to the jobs data for June and July. Collectively, those figures were lowered to show 57,000 fewer jobs added. The downward revisions were all in government jobs.
The average work week also declined and hourly earnings fell by 3 cents to $23.09.
The reality-challenged AP doesn’t seem quite sure what this means.
The report may dampen expectations for the economy to pick up in the second half of the year. With hiring stagnant and wages declining, consumers won’t see much gain in incomes. That will limit their ability to spend, which undercuts economic growth. Consumer spending accounts for about 70 percent of the economy.
It “may dampen” those “expectations?” The only one with those expectations are the AP.
Weak growth, a downgrade of long-term U.S. debt in early August and a sell-off on Wall Street likely kept some businesses from hiring.
Next week, Obama will deliver a rare address to a joint session of Congress to introduce a plan for creating jobs and boosting economic growth.
He’s been in office nearly three years.
Like That? You'll Probably Like These.
- Unemployment Stays At 10%. Where Are The Jobs, Barack?
- More Sequester Please: 236,000 Jobs Added In February
- Obama Economy “Unexpectedly” Sheds 13,000 Jobs Last Week
- Retail Sales Collapse At End Of Holiday, Unemployment Claims Spike
- Biden: Hey, Look At All These Jobs We Created (Or Saved)