Unemployment Rate Drops in August

Every month, the labor department reports changes in the unemployment rate. August was an especially strong month relative to the rest of the summer. Compared to a weak showing of approximately 73,000 new jobs in July, August's job growth was nearly double that number at 144,000.

According to the report, most of the gains occurred in the service sector, which posted about 108,000 new jobs. While manufacturing and construction showed some gains, other large winners included the education and government sectors, up by approximately 45,000 and 24,000, respectively.

This job growth has experts believing that America's economy is slowly but surely holding steady, even with the weaker job growth in June and July. One analyst points out, however, that the U.S. needs to average approximately 150,000 new jobs each month if it is to keep up with population growth.

This healthy employment report came right at the end of the Republican Convention, and it can only have been a boon to the Bush Campaign. While news like a monthly employment report can help George Bush, it should be noted that Bush may be the first president since the depression era's Herbert Hoover to see overall payrolls drop during his presidency.