Friday, September 7, 2012 – 09:00 a.m.
Forget about the Democratic National Convention (DNC) hoop-la.
It’s over! All due to the August employment report.
The U.S. economy added just 96,000 jobs for the month of August. The expectation was for 125,000.
The unemployment rate dropped from 8.3% to 8.1%.
The reason for the drop? The Labor Department says 370,000 people gave up looking for work last month.
The number of jobs created in June and July was also revised downward by 41,000.
What’s more alarming is the ‘under- employment’ rate. With more than 23 million Americans either working part-time, but seeking full-time employment or having given up, the ‘under-employment rate’ or real unemployment rate is at a staggering 14.7%.
Job creation has steadily fallen well below last years luke warm level, and it’s likely to continue falling.
President Barack Obama’s more promises speech last night at the DNC said as much.
The “it’s going to be a tough road” statement transmitted the bad news coming.
It’s looking more and more like President Mitt Romney on January 20, 2013.