Friday, September 07, 2012
368,000 American Workers Throw In The Towel
The latest unemployment rate number released this morning by the U.S. Department of Labor provides no evidence that the economic recession is turning around. The unemployment rate ticked down from 8.3% to 8.1%, but that was only because the labor force shrank 368,000, representing the number of unemployed workers who gave up on finding a job. The American economy managed to only create 96,000 jobs last month, lower than the 125,000 analysts had anticipated. The labor force participation rate among working age adults is now the lowest it has been since 1981, falling to 63.5%.