The August jobs report was just released. It shows an increase of 169,000 jobs versus the consensus estimate of 180,000. The unemployment rate dropped to 7.3% from 7.4%. The true unemployment rate aka. the labor participation rate is the worst in 35 years at 63.2% and has been going down relentlessly for 13 years straight.
Apologists For The Status Quo Lie Constantly About The Real Economy
Wall Street reacted positively to the overall punk jobs report because it signals ongoing slack in the U.S. economy. Even though the totally bogus headline (U3) unemployment rate went down, the labor participation rate signals that job creation is too slow relative to population growth. Wall Street was happy because it means that the Fed is going to keep the monetary dopium flowing under the totally false pretense that levitating financial assets creates jobs. As long as the masses at large are more concerned about Kim Kardashian's latest outfit than they are with the fact that there are ever-decreasing job opportunities, then the status quo jobs outsourcing program will continue unabated.
"Mayor McJob" (aka. Obama) needs to focus on the economy and stop worrying about the Neocon-mandated bombing campaign in Syria.