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Latino Daily News

Friday September 7, 2012

Jobless Rate Creeps Down to 8.1%, Hispanic Unemployment Relatively Unchanged at 10.2%

Jobless Rate Creeps Down to 8.1%, Hispanic Unemployment Relatively Unchanged at 10.2%

Photo: Latino Unemployment August

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The August jobless rate according to the Bureau for Labor Statistics creeped down to 8.1 percent from 8.3 percent in July. 

On the surface though that may appear as good news, economists point out the decrease was due in part to more unemployed people discouraged from seeking work. .  Some 368,000 people dropped out of the American labor force in August, a clear indicator that the economy has not recovered.  The number of Americans working or searching for a job hit its lowest level in more than 30 years.

New job growth for August was a tepid 96,000, 125,000 new jobs were anticipated for August.

The Hispanic unemployment remained almost the same moving to 10.2 percent in August from 10.3 percent in July, while the 18-29 year old Hispanic unemployment rate came in at 13.7 percent.