Only 96,000 new jobs but unemployment drops to 8.1%

The Department of Labor’s unemployment report showed that for the 43rd consecutive month unemployment remained above 8%. While the unemployment rate dropped from 8.3% to 8.1%, it did so due to another drop in the work force participation rate, from CNBC:

Employment growth remained weak in August, with just 96,000 new positions created but the unemployment rate dropping to 8.1 percent, according to a report that raises the possibility of more Federal Reserve easing.

The decline in the jobless rate came primarily because the labor force participation rate fell to 63.5 percent, its worst level in more than 30 years.

The report also revised job creation downward in June from 64,00 to 45,000. July was also revised downward from 163,000 to 141,000. Overall a dismal jobs report, but will people see beyond the headline number?

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