Source: Calculated Risk Blog
The excruciatingly slow and anemic recovery from Bush’s Great Recession continues, according to the August jobs report.
Employers added 169,000 jobs in August but many fewer in June and July than previously thought, the Labor Department said Friday. Combined, June, July and August amounted to the weakest three-month stretch of job growth in a year.
The unemployment rate dropped to 7.3 percent, the lowest in nearly five years. But it fell because more Americans stopped looking for work and were no longer counted as unemployed. The proportion of Americans working or looking for work reached its lowest point in 35 years.
Americans are not impressed with a so-called “economic recovery” that has produced mainly low-wage jobs.
Low-wage jobs, defined as those that pay no more than $13.83 an hour, accounted for 21 percent of recession job losses but have accounted for 58 percent of the recovery growth.
Meanwhile, Congress is debating a potential $12 billion war against Syria. If the past is any guide, that will prove to be a gross underestimate of the cost.