The U.S. economy created no jobs and unemployment remained at 9.1 according to disappointing August jobs report.
“Labor Day” takes on a grimly ironic meaning with the Labor Department report that U.S. employers added no new jobs in August and the unemployment rate remained at 9.1 percent. This is the first time since World War II that the economy had a net zero jobs created for a month, CNBC reported. Fourteen million Americans are out of work, according to the report. The unemployment rates for the major worker groups were virtually unchanged in August. More than a quarter of teenagers (25.4 percent) are unemployed. Blacks (nearly 17 percent) and Hispanics (just over 11 percent) had the next highest unemployment rates, followed by adult men (8.9 percent) and adult women (8 percent), and Asians (just over 7 percent). The number of people employed part-time for economic reasons rose from 8.4 million to 8.8 million. They are working part-time because their hours had been cut back or they were unable to find full-time employment. The number of people “marginally attached to the labor force” also rose in August from 2.4 million to 2.6 million. These are people not in the labor force, who wanted a job and had looked for a job over the course of the year. They were not counted as unemployed because they had not searched for work in the four weeks preceding the survey. This latest disappointing report was partially skewed by the 22,000 Minnesota state workers who returned to work in July after a temporary government shutdown, as well as the 45,000 Verizon workers who went on strike in August. They have since returned to work but they will not be tallied until the government revises its August numbers on Oct. 7, CNN reported. Analysts estimate that 150,000 jobs need to be created each month just to keep up with population growth, and even more to recover jobs lost during the recession.