The U.S. economy added just under 100,000 jobs in August, well below what analysts had forecast, reinforcing the anemic recovery underway.
The unemployment rate declined to 8.1 percent in August, a 0.2 percent drop from the 8.3 percent posted the month before, according to the Bureau of Labor Statistics. Given the modest increase of 96,000 in overall non-farm payroll employment, the decline in the jobless rate likely stemmed from people leaving the workforce after searching for a long time many analysts say.
August’s jobs growth represented 30 straight months that the private sector has added jobs for a total of 4.6 million jobs during that period.
“It is critical that we continue the policies that are building an economy that works for the middle class as we dig our way out of the deep hole that was caused by the severe recession that began in December 2007,” said Alan B. Kruger, Chairman of the Council of Economic Advisers, in a statement.
Kruger added: “To create more jobs in particularly hard-hit sectors, President Obama continues to support the elements of the American Jobs Act that have not yet passed, including further investment in infrastructure to rebuild our Nation’s ports, roads and highways, and assistance to State and local governments to prevent layoffs and to enable them to rehire hundreds of thousands of teachers and first responders. To build on the progress of the last few years, President Obama has also proposed an extension of middle class tax cuts that would prevent the typical middle class family from facing a $2,200 tax increase next year.”
