Friday, September 7, 2012

U.S. Economy Adds 96,000 Jobs in August; Jobless Rate Drops

Posted By on Fri, Sep 7, 2012 at 11:25 AM

The American workforce added 96,000 jobs in the month of August, according to the U.S. Department of Labor, while the unemployment rate across the country dropped to 8.1 percent.

"An economic crisis that was decades in the making will not be solved overnight, but our recovery remains on a stable trajectory of positive job growth. Smart and steady wins the race," said Secretary of Labor Hilda L. Solis in a statement released this morning.

Republican Presidential hopeful Mitt Romney predictably had a different view of the report in the wake of Thursday night's speech by President Barack Obama to wrap up the Democratic National Convention in Charlotte, N.C.

"If last night was the party, this morning is the hangover," said Romney, former governor of Massachusetts, following the jobs report that he and other critics say shows the economy isn't recovering fast enough.

Idaho's unemployment rate fell to 7.5 percent in July, while Ada County registered a 6.4 percent unemployment rate.

U.S. Department of Labor data also showed 12,000 fewer Americans applied for unemployment benefits last week, which led Romney to allege that many workers had given up looking for a job entirely.

"For every net new job created, nearly four Americans gave up looking for work entirely," said Romney.

Both Romney and Obama campaign in battleground states New Hampshire and Iowa today.

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