Congressman Larry Bucshon (IN-08) released the following comment in regards to the August jobless rate. The rate decreased to 8.1 percent, down from 8.3 percent the previous month, due to 368,000 people dropping out of the labor force.
Congressman Bucshon (IN-08) states:
"The fact that is most worrisome is more than three times as many people gave up and quit looking for a job than the number of jobs created last month. This has led to the labor force participation rate being at its lowest level in 31 years. We cannot continue down the path of the Obama administration; a path filled with failed economic policies and an eagerness to increase government spending in spite of our national debt exceeding $16 trillion this past week.
"Having spent the past month traveling the 8th District, I am deeply concerned for hardworking Hoosiers, small business owners, and community leaders that shared their stories regarding the stagnant economy and lackluster recovery effort. Working in the U.S. House, we have passed more than 30 jobs bills that sit idle in the Senate. There is no excuse for inaction when more than 20 million Americans can't find a job."
August marked the 43nd consecutive month of the unemployment rate above 8 percent, the longest stretch of high unemployment since 1948.
The U.S. economy added 96, 0000 jobs in August, a decrease from the 163,000 jobs created in July. The number of unemployed persons was 12.5 million in August. The labor force participation rate decreased to 63.5 percent.
According to the Bureau of Labor Statistics, "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."
According to the projections in "The Job Impact of the American Recovery and Reinvestment Plan" released on January 9, 2009 by then President-elect Obama's Council on Economic Advisors, the unemployment rate would never exceed 8 percent and would be near 5.5 percent for August 2012 after the Stimulus was enacted. Interestingly enough, the report also predicted the unemployment rate would be at 6 percent in August 2012 without the Stimulus.
On Thursday, September 6, 2012, Congressman Bucshon and Congressman Todd Young (IN-09) co-hosted a Jobs Fair in Jasper, IN. More than 35 employers participated with more than 300 positions needing to be filled.