That’s how many net new jobs were created last month in newly released unemployment numbers:
The Labor Department says total payrolls were unchanged in August, weakest report in almost a year. It’s the first time since February 1945 that the government has reported a net job change of zero. The unemployment rate
stayed at 9.1%.
A strike by 45,000 Verizon workers lowered the job totals. Those workers are back on the job.
Job gains in June and July were revised lower, to show 57,000 fewer jobs added. The downward revisions were all in government jobs. The average work week also declined and hourly earnings fell by 3 cents to $23.09.
Analysts had forecast that the economy added 93,000 jobs last month, down from 117,000 in July.
While the Verizon strike will be used as an excuse, the revision downward of June and July figures (unexpectedly) and the fact that the expected 93,000 new jobs unexpectedly did not appear, highlights that the employment situation is dire.
But I don’t think Obama is capable of grasping that his policies and plans to restructure society are at the root of the problem. He wants more government, when less government is the answer.
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