October 1, 2012
LIA Monthly Economic Report - Modest gain in payroll jobs
By: Dr. Pearl M. Kamer, LIA Chief Economist
The U.S. gained a modest 96,000 payroll jobs in August and the nation's unemployment rate dipped slightly to 8.1%, only because more "discouraged" workers gave up looking for jobs. This prompted the Federal Reserve to announce QE III, an open-ended attempt to stimulate the economy.
The nation's economy is still troubled by anemic job growth. Fewer than 100,000 payroll jobs were generated in August and 41,000 fewer jobs were created in June and July than previously estimated. Since the beginning of this year, employment growth has averaged 139,000 jobs per month as compared with an average monthly gain of 153,000 jobs per month in 2011. August employment gains were concentrated in eating and drinking places, professional and technical services and health care. Manufacturers continued to shed workers as exports softened.
To view full report click here.