Jobless Rate Showed Little Change in August

The latest data from the U.S. Bureau of Labor Statistics (BLS) shows that while the unemployment rate ticked slightly up this past August, 9.5 percent to 9.6, the private sector actually added about 67,000 jobs, the eight straight month in a row this has happened. By contrast, government employment fell, mainly due to the shedding of about 114,000 temporary census jobs. Still, the overall employment picture, according to Christina Romer, Chair of the Council of Economic Advisers, is nonetheless “better than expected,” according to remarks made in response to the latest figures.

The president, reacting to the job numbers in a speech today, said that the current economic climate is encouraging but it’s still not good enough and, with that in mind, plans to discuss further steps to create jobs and grow the economy over the next few weeks, including middle class tax cuts and targeted economic investment. He also took the time to implore Congress to pass the Small Business Jobs Act which would do things like make $1.5 billion worth of small business lending programs and allow small businesses a 100 percent capital gains tax exclusion.