Jeff Smith 6:35 p.m., June 27
U.S. Had Zero Job Growth in August
The U.S. economy added no jobs in August, the government announced this morning (Sept. 2). Economists had expected a gain of 53,000 jobs. The unemployment rate stayed at 9.1%. The most depressing part of the picture was, perhaps, that 42.9% of the jobless have been unemployed for six months or more. That's 6 million people.
Employers are hesitant to hire those out of work for lengthy periods. President Obama will ask for an infrastructure jobs program on Thursday, but Republican leadership today was blaming the joblessness on excessive spending and regulation. That promises that nothing will be done in Washington as the economy sinks.
Stocks dropped even though many had expected the market to rise on bad news, on the theory that the Federal Reserve will soon print even more money -- Wall Street's juice. Stocks plunged in Europe, greatly on news of continuing strains on Greece, Portugal, Italy, Ireland, and Spain.
The long and short of the news is that most of the world is hurting, the major economy, the U.S., is in sick call, and political gridlock will prevent any action.
More like this:
- June Jobs Growth Anemic — July 6, 2012
- U.S. Adds Few Jobs in May, Unemployment Rate Rises — June 1, 2012
- Jobs Report Better Than Expected. Market Relieved — Aug. 5, 2011
- So-Called Recovery Sputters. Unemployment Rises, Jobs Barely Up — Dec. 3, 2010
- Employment Numbers Worse Than Reported, but Main Street's Pain Is Wall Street's Gain — Nov. 6, 2009