September 6, 2006 – The U.S. created only 128,000 jobs last month, marking the fifth straight month of sluggish job growth. Since April, job growth has averaged only 119,000 jobs a month, marking an economic slowdown that is hitting working families especially hard.
The disappointing numbers, released Friday by the Bureau of Labor Statistics, can be attributed to higher interest rates, a slowing housing market and energy costs, according to an Economic Policy Institute Report.
The latest jobs report also shows the unemployed are having an extremely difficult time finding work. In August, 18.4 percent of the 7.1 million unemployed were without a job for at least 6 months. Traditionally, when the unemployment rate has hovered between 4.5 percent and 5.5 percent as it is now, only 11.7 percent of the jobless have faced long-term unemployment.