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NO new JOBS added in August as unemployment rate holds at 9.1% – latimes.com

September 2, 2011

Jobs seekers wait in line at a job fair in San Mateo, Calif. The economy didn’t create as many jobs as expected in August. (Associated Press / September 1, 2011)

No new jobs added in August as unemployment rate holds at 9.1%

The Labor Department’s monthly report is the worst showing in a year and offers stark evidence that hiring has stalled. About 14 million people were officially unemployed in August, and many of those who do have jobs saw their weekly hours trimmed.

By Don Lee, Los Angeles Times

September 2, 2011, 8:19 a.m.

Reporting from Washington— The U.S. economy added no new jobs in August — the worst showing in a year — as employers cut back hiring and trimmed work hours of existing employees.

The latest snapshot of the labor market provided stark evidence that hiring has stalled and that the feeble economic recovery remains threatened by the unusually deep and prolonged challenges facing American workers.

Friday’s report from the Labor Department intensifies the pressure on President Obama to propose a robust jobs plan when he addresses the nation next week, and could also push the Federal Reserve to take further action on interest-rate and other monetary policies when it meets later this month.

The nation’s unemployment rate in August stayed at 9.1%, as more people reported that they found part-time work, many of them because that’s all that was available.

About 14 million people were officially unemployed last month. About 6 million of them, or nearly 43% of the unemployed, have been without work for six months or longer. Short term, many of them face the loss of extended jobless benefits. Longer term, they face increasing risks of losing skills and hopes of getting re-employed.

via No new jobs added in August as unemployment rate holds at 9.1% – latimes.com.

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One Comment
  1. September 2, 2011 8:40 AM

    This really is no surprise. There has been no definable reason for employers to hire more people. That the stock market dropped over this report is the surprise since no one expected more than a no change report.

    The question is what has our government done to encourage hiring? The answer is nothing. In my view there really isn’t any way to bring back jobs that have been outsourced when the new hires elsewhere earn one fourth the pay in the United States. Lower taxes will not be sufficient to offset the lower cost of labor in other nations.

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