Friday, September 02, 2011

August Jobs Report: No Net Job Growth, First Time Since 1945, Unemployment 9.1%

Let's say it again....


Job growth was unchanged in August, the weakest performance in almost a year, the Labor Department said Friday. The weak report was lower than the 53,000 gain expected by Wall Street economists. A strike at Verizon Communications Inc /quotes/zigman/262341/quotes/nls/vz VZ -0.29% cut 45,000 from payrolls in the month. The unemployment rate held steady at 9.1% as expected. Average hourly earnings decreased 0.1% to $23.09. Economists had been expecting a 0.1% gain. Earnings are up only 1.9% in the past year. The average workweek fell six minutes to 34.2 hours.

And it was the first time since 1945 that there was zero job growth (MSNBC).

Nonfarm payrolls were unchanged last month, the Labor Department said Friday. It was the first time since 1945 that the government has reported a net monthly job change of zero. The August payrolls report was the worst since September 2010, while nonfarm employment for June and July was revised to show 58,000 fewer jobs.

And yet Obama wants to speak about creating more jobs next week?

Would you buy a used car from Richard Milhous Obama?

One more note....compared to the last period of zero job growth in 1945, the difference between then and now is that we were near full employment in 1945 (less than five percent).

1 comment:

ScottieJ0e said...

Lucky you to be in Virginia. I just was reading a Berkeley blog (not a political one) and it was talking about how the reconstruction of the Cal stadium (all games are going to be played at AT&T stadium in San Francisco for a year) "might" affect local hotels, restaurants & bars. 70,000 visitors annually come to town for Cal football games.

These smart people know nothing about jobs, employment or the economy. Why do we think they should be in charge?