Dismal jobs report (No jobs added in August)

[marmar]

WASHINGTON (MarketWatch) - Job growth was unchanged in August, the weakest performance in almost a year, the Labor Department said Friday. The weak report was lower than the 53,000 gain expected by Wall Street economists. A strike at Verizon Communications Inc cut 45,000 from payrolls in the month. The unemployment rate held steady at 9.1% as expected. Average hourly earnings decreased 0.1% to $23.09. Economists had been expecting a 0.1% gain. Earnings are up only 1.9% in the past year. The average workweek fell six minutes to 34.2 hours.


http://www.marketwatch.com/story/nonfarm-payroll-flat-in-aug-jobless-rate-91-2011-09-02?link=MW_home_latest_news



.................


(Bloomberg) Employment in the U.S. unexpectedly stagnated in August and the jobless rate held at 9.1 percent as American employers became less confident in the strength of the recovery.

Payrolls were unchanged last month, the weakest reading since September 2010, after an 85,000 gain in July that was less than initially estimated, Labor Department data showed today in Washington. The median forecast in a Bloomberg News survey called for a rise of 65,000. Hourly earnings and hours worked both declined. The August data included a 48,000 drop in information industry jobs, mostly reflecting striking Verizon Communications Inc. (VZ) workers.

The first U.S. credit downgrade, political squabbling over the budget and mounting fear of a default in Europe caused the Standard & Poor’s 500 Index to plummet 17 percent from July 22 to Aug. 8, prompting companies and consumers to cut back. The lack of hiring is one reason Federal Reserve Chairman Ben S. Bernanke last week said the central bank still has tools available to stimulate growth.

“Net employment flat-lined in August,” Ellen Zentner, a senior U.S. economist at Nomura Securities International Inc. in New York, who forecast a decline of 5,000, said before the report. “When the outlook is uncertain, businesses don’t hire. Calls that we’re on the cusp of a recession or already there are not completely unwarranted.” ...........(more)

The complete piece is at: http://www.bloomberg.com/news/2011-09-02/employment-in-u-s-unexpectedly-stagnated-in-august-jobless-rate-at-9-1-.html

[Fumesucker]

1. They usually release an "optimistic" report first.. Then downgrade the performance later..

So I suspect it's actually worse than this..

[marmar]

2. Yep. The revised number will show a loss of jobs. Bank on it.

nt

[KG]

3. good thing the economy is 'recovering'

:eyes:

[inna]

6. for those who, apparently, matter

to our elected representatives.

:eyes:, indeed. so sick of this crap.

[MadHound]

4. Unemployment has increased from 7.6% when Obama took office,

It has gone up since then. This is probably Obama's biggest failure, the inability, or unwillingness, to jump on the unemployment problem quickly, effectively and aggressively.

[WI_DEM]

5. True, but it also reached a high of over 10% and has receded since then

and shows just how bad the economy he inherited was. But, you are correct that he should have been more agressive on jobs and when the Dems had congress introduced a stronger stimulus program as some economist said at the time.

[WDIM]

7. Higher Unemployment Rates Mean Cheaper Labor

Maximize profits.
Wait till your Boss tells you that they are cutting pay as they are still making record profits!