Hot off the press: the August report has brought the worst jobs numbers of the year. Ending the six-month trend of 200,000+ job creation, August saw only 142,000 new jobs and a stagnant labor-force participation rate.
Employers added well below the (already low) 207,000 a month average in the past three months – 28,000 fewer jobs than previously expected. To fully recover, the economy needs to add more than 380,000 private sector jobs every month. Retail suffered the greatest loss – over 8,400 jobs.
CNBC’s Sarah Eisen called the jobs report “a disappointment – a big one,” and “the worst level of job creation… all year long.”
Yet this disappointment isn’t new. While this jobs report is worse than previous months, that’s not saying much. The past few months have seen sluggish growth – nowhere near the rates America needs to pull itself out of the recession.
August’s numbers are a stark reminder of President Obama’s failed economic policies. Things aren’t getting better – in fact, they’re getting worse. House Republicans are tired of watching their fellow Americans suffer under weak policies and insufficient leadership . Over 40 House-passed solutions are sitting in the Senate – bills that will empower businesses to grow, will create jobs, improve wages, and strengthen our economy. But the Senate has failed to act on a single one.
If August’s job report teaches us anything, it’s that we cannot wait any longer for a stubborn Senate to act. We cannot continue down our current path – Americans deserve action and solutions, and they deserve them now.