The U.S. economy added 96,000 jobs last month, and the unemployment rate fell -- but only because more people stopped looking for work. The AP:
WASHINGTON — U.S. employers added 96,000 jobs last month, a weak figure that could slow any momentum President Barack Obama hoped to gain from his speech to the Democratic National Convention.
The unemployment rate fell to 8.1 percent from 8.3 percent in July, the Labor Department said Friday. But that was only because more people gave up looking for work. The government only counts people as unemployed if they are actively searching.
August jobs report of 96,000 partially explains Obama's less than lofty and tepid nomination speech. #2012
— Nia-Malika Henderson (@niawapo) Sept. 7, 2012
Not a good jobs report, period. Politically, Obama caught a break in the unemployment number ticking down. Creating mixed headlines.
— Chuck Todd (@chucktodd) Sept. 7, 2012
We'll have more reaction throughout the morning.