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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.

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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.

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Comments
1

Poor reporting, Don. Why not point out that the private sector, once again - as it has for virtually every month of the Obama Presidency - added tens of thousands of jobs to the economy in August. And why not point out that, once again, those gains were offset by the tens of thousands of job losses in the public sector - losses that have come at the hands of our esteemed conservative politicians in Congress. And why not point out that had 45,000 Verizon workers not been on strike, they would have been added to the number of people who are working? In short, take the three together, and the unemployment figure would have been significantly improved had it not been for corporate America trying to destroy our unions and dismantle government. Just a thought.

Sept. 6, 2011

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