Economy Gains No Jobs in August, Rate Holds at 9.1%

The US economy created no jobs and the unemployment rate held steadily higher at 9.1 percent in August, fueling concerns that the US is heading for another recession.

It was the first time since World War II that the economy had precisely net zero jobs created for a month.

Economists had been expecting the report to show a net of 75,000 jobs created, an unusually low number considering the US is technically more than two years removed from the end of the last recession.

Stocks sold off sharply following the report, while bond prices rose and the US dollar fell nearly 2 percent against the Swiss franc.

Markets had been closely watching the August report in hopes that the employment picture would begin to show signs of recovery.

Read the whole story here.

Leave a Reply

Your email address will not be published.

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>