Friday, September 02, 2011

Employment in U.S. 'Unexpectedly' Stagnated in August

Unexpectedly? Really?
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.
So we added zero jobs and it was 65,000 less than expected?

The White House sees 9% unemployment through 2012. I see a one-term president.

It's another historic moment for President Zero.
It was the first time since World War II that the economy had a net zero jobs created for a month.


kj said...

And you can just about bet, they usually downgrade these numbers in the following month - so are we going to end up with NEGATIVE job growth?

rich b said...

I wonder if Ovomit is still giving himself a B+ for a presidential grade. He probably thinks he's at an A about now. Clueless POS.