Nightly News | September 07, 2012
>> we have more on these job numbers out today. david faber has come by to join us from cnbc headquarters. david, explain what people are asking their tv sets . how is it bad news that there was a net gain of 96,000 jobs that the unemployment rate went down?
>> you know, the number of people actually participating in the labor force also went down. people gave up. you know what? i'm not even going to look for work anymore. they no longer count in that overall pool. hence the people amongst that pool who are not working actually fell as a percentage, from 8.3% to 8.1%. a good headline for democrats, but that's all it is. in fact, the 96,000 jobs that were added, brian, was not what economists certainly were expecting. 125,000 was kind of the reigning number, and not what many had hoped for as well.
>> so just two more of these reports before people go to the polls.
>> that's right. we have two more employment reports. when you look deeper within this report itself, also you have to remember the creation of certain jobs not what people might hope for. services were up 119,000. but that's a lot of restaurant workers and the like, not high-paying jobs. manufacturing, which did have something of a rebound during the course of this year down 15,000, while construction, of course, as you see right there in terms of housing and the like, we're hoping for a rebound. that was flat.
>> all right, david faber , as always, thanks for stopping by to help explain all this.