President Obama continued to preside over the weakest economic recovery since the Great Depression Friday, as the Department of Labor released its August jobs report showing that 115,000 fewer Americans had jobs in August than did in July, and 312,000 fewer Americans participated in the workforce entirely.
Employers did report creating 169,000 new jobs in August, but the Labor Department also cut the number of jobs created in July from 162,000 to 104,000, a 58,000 job loss.
Thanks almost entirely to the exit of more than 300,000 Americans from the labor force, the unemployment rate did fall from 7.4 percent to 7.3 percent. But if labor participation was the same today as it was just a year ago, the unemployment rate would be 7.7 percent.
The rate of job creation, already extremely weak for a supposed economic recovery, also showed clear signs of slowing. Incorporating the Labor Department's downwards jobs revisions, employers created 184,000 jobs over the past year, but only 160,000 jobs over the last six months, and only 148,000 jobs over the last three months.
The terrible job numbers should be great news for the stock market since it means the Federal Reserve will continue printing more money for wealth Americans to spend on stocks and real estate.