MSNBC is reporting that the U.S. created no jobs in August. Yes, you read right: For the first time since 1945, the government has reported a net monthly job change of zero. The article states that 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.
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 bottom line is, this is bad,” Diane Swonk, chief economist with financial services firm Mesirow Financial, told CNBC Friday.
Despite the lack of employment growth, the jobless rate held steady at 9.1 percent in August. The unemployment rate is derived from a separate survey of households, which showed an increase in employment and a tick up in the labor-force participation rate.
Yeah, we thought the point of bailouts, stimulus money and tax cuts was to help spur job creation and growth. Since that’s not happening, shouldn’t we stop with the bailouts, stimulus money and tax cuts for corporations and the wealthy? Clearly it’s not working. These companies are hoarding while Americans go hungry.
Read more at MSNBC.
In other news: Black Women’s Hair is Not the Cause of Obesity.