Economy Showed No Job Growth in August; Unemployment Rate at 9.1%

From the New York Times:

The economy showed no job growth in August, the first time there has been no job growth in the United States in a year.

The net addition of no jobs in the month was down sharply from a revised 85,000 gain of jobs in July, the Labor Department said Friday, and was far below a consensus forecast by economists of 60,000. The unemployment rate stayed constant at 9.1 percent in August.

The non-farm payrolls stayed flat in August after a prolonged increase in economic anxiety that began with the brinksmanship in the debt-ceiling debate and was followed by the country’s loss of its triple-A credit rating, stock market whiplash and renewed concerns about Europe’s sovereign debt. And the jobs figure, a monthly statistical snapshot by the Department of Labor, appear more negative than they actually are because they do not include 45,000 Verizon workers who were on strike when the survey was taken.

Read the full article here.

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