Unemployment drops to 8.1% So does the number of people looking for work. 368,000 gave up looking, last month (Fubar !!)

<<<<  How does unemployment go down when unemployment increased in 44 of the 50 states,  in August?  Here is the explanation.  

Update:  Even CNN is reporting that this is discouraging Labor Department news.  In fact, the CNN reporter commented to her analyst, "Well,  the Democrats and the President certainly did not want to hear your report" (or words to that effect).  

Update #2:  And the very liberal AOL give this report:

WASHINGTON -- U.S. jobs growth slowed more than expected in August, setting the stage for the Federal Reserve to pump additional money into the sluggish economy next week and dealing a blow to President Obama as he seeks reelection in November.

Update #3:  unemployed percentages went down but the number of unemployed increased  . . . . .  by 119,000 Americans.  (see CNS report of the Labor stats). 

Original Text:
Our headline tells most of the story.  No doubt the White House will tell us that we are “headed in the right direction,”  proving how out of touch this bunch of Marxist Misfits are with the economic realities. 

Understand that participation rates in the workforce fell from 63.7% to 63.5%  . . .   smallest workforce in 38 years. 

Only 96,000 jobs were created last month.  The hope was for 140,000 jobs.  And,  365,000 jobs need to be created each and every month for the next three years to get the unemployment rate down to 6%.  Unemployment averaged 5.3% under Bush,  including the recession year of 2008. 

Last night,  Obama promised “one million new manufacturing jobs by the end of his second term.”  That would bring manufacturing back to 2008 levels.  In this morning’s BLS report,  manufacturing lost 15,000. 

Understand that during the Bush years,  the “worst economy in 50 years” according to Obama and Bill Clinton,  the participation rate was close to 67%.    Eight million Americans have quit the workforce and are no longer looking for work since Obama took office.  That is why welfare has increased by a disturbing 19% and food stamp payouts have doubled under Obama.    http://cnsnews.com/news/article/welfare-state-grows-nearly-19-under-obama-almost-1-trillion-year

From the Department of Labor report:

Total nonfarm payroll employment rose by 96,000 in August. Since the beginning of this year, employment growth has averaged 139,000 per month, compared with an average  monthly gain of 153,000 in 2011. In August, employment rose in food services and drinking places, in professional and technical services, and in health care.

Manufacturing employment edged down in August (-15,000). A decline in motor vehicles and parts (-8,000) partially offset a gain in July. Auto manufacturers laid off fewer workers for factory retooling than usual in July, and fewer workers than usual were recalled in August.

Employment in other major industries, including mining and logging, construction, retail trade, transportation and warehousing, information, and government, showed little change over the month.

The average workweek for all employees on private nonfarm payrolls was unchanged at 34.4 hours in August. The manufacturing workweek declined by 0.2 hour to 40.5 hours, and factory overtime was unchanged at 3.2 hours. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was unchanged at 33.7 hours. (See tables B-2 and B-7.)