Yes, a huge disappointment.

Earlier this summer, individuals entered the workforce and caused a slight increase in the unemployment rate. Obama got bashed for the increase. So, perhaps he should deserve credit when the rate goes down because participation dropped?

Over the next 24 hours, it will be interesting to watch attitudes toward the jobs report that comes out Friday morning. Republicans have been banking on a poor report dulling any bounce resulting from the Democratic convention. However, that report may turn out to be better than expected.

The expectation is that 125,000 jobs will be created.

Unexpectedly, employment growth remained weak in August, with just 96,000 new positions created but the unemployment rate dropped to 8.1 percent, according to a report that raises the possibility of more Federal Reserve easing. The decline in the jobless rate came primarily because the labor force participation rate fell to 63.5 percent, its worst level in more than 30 years.

The rate only fell because 370,000 people have left the workforce. This is the smallest workforce since Jimmy Carter was president. September 1981.