No New Jobs Made Last Month

The U.S. economy didn’t create one single new job last month. The unemployment rate stayed at 9.1%. The private sector created 17,000 jobs.

Breaking out the digits, the unemployment rate increased from 9.092% to 9.093%. Over the last seven years, the labor force has grown by 6.03 million and there are only 54,000 new jobs.

The economy showed no job growth in August, the first time there has been no increase in net jobs in the United States in 11 months.

The flat performance in the job market 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 nonfarm payrolls numbers were unchanged in August after a prolonged increase in economic anxiety that began with the brinksmanship in Washington’s 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.

The jobs figure, a monthly statistical snapshot by the Department of Labor, may appear more negative because it does not include 45,000 Verizon workers who were on strike when the survey was taken.

Posted by on September 2nd, 2011 at 8:31 am


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