The household survey showed an increase of only 16,000 jobs. The decline in the employment rate is almost entirely because 268,000 people have left the workforce--which is a huge number. The number of people looking for a job went up by 45,000.
In addition, on the employers' report, the previous two months were downgraded fairly seriously. Between June and July, the numbers were revised downwards by 48,000 combined.
Listening to NPR was interesting this morning, since they were trying to sell the household survey as good news.
Update: Adding a graph of preliminary vs final numbers over the last 36 months, in order of the size of the revision (in response to: this on the NRO Corner)
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