Today, Raymond J. Keating, chief economist for the Small Business & Entrepreneurship Council (SBE Council), released the following statement in response to the August employment data reported by the U.S. Bureau of Labor Statistics:

"There's no way around the fact that this is a very grim jobs report. Our economy continues to grossly under-perform.

"The payroll survey showed anemic growth of only 96,000 in August, below expectations and far below where we should be in terms of payroll growth during a so-called recovery.

"The news was even worse in terms of the household survey, which showed that employment declined by 119,000 in August. Over the last two months, according to this survey, we've lost 314,000 jobs.  Keep in mind that the household survey better captures start up and small business activity. Clearly, the entrepreneurial sector of our economy continues to suffer.

"In addition, more people are losing jobs, and more people are simply giving up and leaving the workforce.

The labor force dropped by 368,000 in August.

"None of this is surprising given that public policies have been pointed in an anti-growth direction for years now.  America needs a complete turn on the policy front.  We need policies that promote investment, tax and regulatory stability, lower energy and health care costs, global market access, and a sound fiscal course."

Conference Board's Kathy Bostjancic, Director of Macroeconomic Analysis:

he meager 96,000 job gain in August, after a downwardly revised gain of 141,000 in July, reflects a labor market that remains slow in a disappointingly weak economy. Consumer anxiety about how much longer this may continue is reflected in weak sentiment and slow buying. Lack of demand together with concern about declining profits makes it difficult to generate new jobs at a faster pace. Companies are focused on squeezing more productivity gains out of existing workers and keeping a tight lid on labor costs. As a result, the unemployment rate remains elevated, and the duration of joblessness is unprecedented for many. These conditions could easily stretch into the early months of 2013. Currently, the economy has no forward momentum, with risks from the European crisis and the fiscal cliff, and little help from monetary or fiscal policy.