The private sector added 67,000 new jobs in August, but overall the economy shed 54,000 jobs as the U.S. Census Bureau continued to lay off temporary workers. The private sector has added an average of 78,000 jobs each month over the past three months, but that’s not nearly enough to begin to reduce unemployment, which rose one-tenth of a percent to 9.6% in August. Read more about the jobs report.
The labor market is spinning its wheels after relatively mild improvements earlier this year. Key labor market indicators show little to no improvement in recent months. We need to enact policies to boost consumption and bring unemployment down.This article was originally published in The Wall Street Journal.