Jobs Report Proves Janet Yellen Is Wrong about the Economy

The August jobs report was disappointing with job gains of 151,000, below the consensus forecast of a gain of 180,000 jobs. The reported August job gains were also considerably below the gains in June and July. The unemployment rate was forecast to fall to 4.8 percent, but held steady at 4.9 percent. Both numbers are disappointing and make a September rate hike less likely.