US Fed may act on weak job data
Source: Agencies |
September 8, 2012, Saturday
|
Print Edition
Print Edition
US employers added 96,000 jobs last month, a weak figure that could slow the momentum US President Barack Obama hoped to gain from his speech on Thursday night to the Democratic National Convention.
The jobless rate fell to 8.1 percent from 8.3 percent in July, the US Labor Department reported yesterday. But that was only because more Americans gave up looking for work. People who are out of work are counted as unemployed only if they're looking for a job.
The report is troubling news for Obama, whose prospects of winning re-election on November 6 could hinge largely on the health of the US economy.
The government also said yesterday that 41,000 fewer jobs were created in July and June than first estimated. The economy has added just 139,000 jobs a month since the start of this year, below 2011's average of 153,000.
Republicans and challenger Mitt Romney seeking the White House have accused Obama of failing to steer the economy out of a deep recession, and a majority of Americans disapproves of how the Democratic president is handling the economy, according to recent polls.
The report was discouraging. Hourly pay fell, manufacturers cut the most jobs in two years, and the number of people in the work force dropped to its lowest level in 31 years.
Sluggish hiring could nudge the Federal Reserve to announce some new action to boost growth after it holds a policy meeting next week.
The report on hiring and unemployment is among the most politically consequential of the campaign. The data arrive just as the presidential race enters the final two months before Election Day. Jobs are the core issue, and the report could sway some undecided voters.
There will be two additional employment reports before the election. But by then, more Americans will have made up their minds.
In addition to those who've given up looking for work, many young Americans are avoiding the job market by remaining in school. All told, the proportion of the population that is either working or looking for work fell to 63.5 percent. That's the lowest level in 31 years for the labor force participation rate.
The jobless rate fell to 8.1 percent from 8.3 percent in July, the US Labor Department reported yesterday. But that was only because more Americans gave up looking for work. People who are out of work are counted as unemployed only if they're looking for a job.
The report is troubling news for Obama, whose prospects of winning re-election on November 6 could hinge largely on the health of the US economy.
The government also said yesterday that 41,000 fewer jobs were created in July and June than first estimated. The economy has added just 139,000 jobs a month since the start of this year, below 2011's average of 153,000.
Republicans and challenger Mitt Romney seeking the White House have accused Obama of failing to steer the economy out of a deep recession, and a majority of Americans disapproves of how the Democratic president is handling the economy, according to recent polls.
The report was discouraging. Hourly pay fell, manufacturers cut the most jobs in two years, and the number of people in the work force dropped to its lowest level in 31 years.
Sluggish hiring could nudge the Federal Reserve to announce some new action to boost growth after it holds a policy meeting next week.
The report on hiring and unemployment is among the most politically consequential of the campaign. The data arrive just as the presidential race enters the final two months before Election Day. Jobs are the core issue, and the report could sway some undecided voters.
There will be two additional employment reports before the election. But by then, more Americans will have made up their minds.
In addition to those who've given up looking for work, many young Americans are avoiding the job market by remaining in school. All told, the proportion of the population that is either working or looking for work fell to 63.5 percent. That's the lowest level in 31 years for the labor force participation rate.
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