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article imageTroubling August jobs report dampens convention glow

By Larry Clifton     Sep 7, 2012 in Politics
Washington - Any bump Mr. Obama and the Democrats hoped to gain from their Charlotte convention may be doused by a very weak jobs report on Friday.
Already anemic jobs growth slowed more than expected in August, down to a lackluster 96,000. The number is far from enough to move the national unemployment rate, which did drop from 8.3 to 8.1 percent, but due to job seekers giving up hope, not from growth, according to a Reuters report.
Most economic analysts say the country must produce between 230 and 255 thousand jobs for an extended period to have substantial economic growth.
Compounding the weak August jobs report, June and July data has been revised downward to show 41,000 fewer jobs were gained than reported.
Reuters polled economists on expected August job gains last month and posted an estimate of 125,000, however the Labor Department showed actual job creation fell 29,000 short of that projection, according to a separate ABC report.
The U.S. economy has experienced three years of typically weak growth since the 2007-09 recession, and some doubt there has even been an “economic recovery.”
Meanwhile, the jobless rate has remained over 8 percent for over three years. Mr. Obama's administration owns the dubious record of having the longest consecutive unemployment rate above 8 percent since the Great Depression.
Last week, Fed Chairman Ben Bernanke said the labor market's stall was a "grave concern." His comment may lead to a further “easing of monetary policy” when the central bank's meeting on Wednesday and Thursday.
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