Friday, September 2, 2011

August 2011 Net Monthly Job Added in the US: Zero, ゼロ, Cero, Null,

The last time when this happened, according to the news report, was August of 1945, when the World War II finally ended with the surrender of the imperial Japan.

From MSNBC (9/2/2011):

Employment growth ground to a halt in August, as sagging consumer confidence discouraged already skittish U.S. businesses from hiring, keeping pressure on the Federal Reserve to provide more monetary stimulus to aid the struggling economy.

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.

(The article continues.)

According to the article, while the number may look bad, it's all because of striking Verizon workers (45,000 people).

President Obama had no comment, and at 10AM departed for his presidential retreat at Camp David for the Labor Day weekend (of all weekends..). (That's all he did today.)

He must be preparing for his big speech on jobs to be delivered on the NFL opening night next week, no doubt.

If that doesn't do anything (I doubt it does), there's Ben and his QE3 to the rescue. (Just don't ask rescue what?)


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