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96K Jobs Created in August

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  • Description

    FBN’s Rich Edson breaks down the latest report from the Labor Department.

  • Duration 3:57
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96000.

Jobs added the unemployment rate falls to eight point 1% now Stuart there were revisions.

Over the past couple of months showing 41000.

Fewer jobs are created.

Than first reported -- -- 6000.

The unemployment rate falls to eight point.

Eight point 1% problem -- being that the workforce shrank Stewart you know that's the important point how do you get the unemployment rate down.

Do you create a lot of new jobs all if you take a lot of people out of the workforce seems like it was the -- do you know how many people came out of the workforce.

Labor force falls by 368000.

-- -- the participation rate falls by point two percentage points.

To 63 and a half percent if I'm not mistaken back labor participation.

-- Is the lowest in a generation that -- a smaller proportion of people of working age are actually walking correct.

Right and the unemployment population ratio falls also -- point 1% to 58 point 3%.

I don't wanna get too carried away with the technicalities but there is something called the real unemployment -- and technically that's according use six what's that rates.

And you -- Stuart oddly sometimes these numbers don't exactly jive with one another we saw an actual drop.

In the real unemployment rate when you incorporate all the folks who stopped looking for -- they -- that they can find a job.

That falls to fourteen point 7% last month.

It was 15%.

However jets and with the official numbers right there at 830 thanks very much rich but I summarize here we've got I don't take two surprises.

Surprise number one -- the unemployment rate dropped to eight point 1%.

That's because 368000.

People dropped out of the workforce surprise number two.

The number of new jobs created was way down a little late 96000.

Charles -- my colleague at Fox Business joins me now is not what stands -- to have to you what Charles -- to 6000 that's it absolutely and I I'd.

Even more than that -- Stewart is the amount of people that are dropping out of this work forces.

The participation rate is is are amazing because you know we can always talk about eight point one and I think -- politicians will.

But the grand scheme of things that we had the same sort of participation rate is when the president was inaugurated -- be close to 11% unemployment.

When people give up.

When people give up on the American dream of people give up on looking for a job.

The consequences go beyond just him giving up and and I NM where we're really I don't know it matches the somber tone of -- I speak again today yeah.

Okay now going into these numbers this was the weakest recovery from any recession since world war -- Any reason to change that position now absolutely not.

You know Richard's -- in the employment population ratio which is a little jargon -- but it's not because it's -- -- is that for people who were able to work.

The amount of population working working age people 25 and up only 58% of them have a job America's not working America's not work now do you have any information on what kind of new jobs are being created OK -- -- 96000 -- well page I didn't get a chance -- comb through the BLS number I get so -- -- we're just going back to yesterday's ADP number.

Overwhelmingly they were service jobs service to be a lot of things take -- -- Wall Street but for the most part we know to be sort of McDonald's and things like that and a 185000.

-- their 201 -- those kind of jobs and by the way manufacturing is only 3000 where -- all the numbers for you but.

This is a huge huge disappointment really have to yesterday when we thought maybe we get 200000.

All right the disappointment only 96000.

New jobs created but the unemployment rate dropped because people drop out of the world force that's it for this Fox Business special report continuing live coverage throughout the day on Fox Business.

And on the Fox News Channel of course joining -- at 920.

-- -- and company on the Fox Business Network.

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