Projected: 125,000 gained jobs
Actual: 96,000 gained jobs
July unemployment rate: 8.3%
August unemployment rate: 8.1%
That was because 360K people left the workforce because they gave up looking for a job. So headlines say it's getting better, but it's not the case.
Revisions to prior reports subtracted a total of 41,000 jobs to payrolls in the previous two months.
Private payrolls, which exclude government agencies, rose 103,000 after a revised gain of 162,000. They were projected to rise by 142,000, the survey showed.
Factory employment fell by the most in two years, temporary-help companies eliminated positions for the first time in five months and the share of the working-age population in the labor force slumped to the lowest since 1981.
The jobless rate fell from 8.3 percent as 368,000 Americans left the labor force. Unemployment was forecast to hold at 8.3 percent, according to the survey median. Estimates in the Bloomberg survey ranged from 8.1 percent to 8.4 percent.
Terrible jobs report.