Saturday, September 3, 2011

"PRESIDENT" ZERO...

President Zero:Economy Added No Jobs in August,for the First Time Since 1945

MSNBC.com
There's a reason they call him Zero.
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 bottom line is this is bad,” Diane Swonk,chief economist with financial services firm Mesirow Financial,told CNBC Friday…
“August was a pretty rough month for the economy,”said Ryan Sweet,a senior economist at Moody’s Analytics in West Chester,Pa. “We saw financial markets tighten. I think businesses sort of responded by putting hiring on the back burner,”he said before the release of the report.
An acrimonious political fight over U.S. debt,which culminated in the downgrade of the country’s AAA credit rating from Standard &Poor’s,and a worsening debt crisis in Europe ignited a massive stock market sell-off last month and sent business and consumer confidence tumbling…
If job growth does not accelerate,it could take more than four years to return to the pre-recession employment level.
Read more.

Cartoon of the Day:Zero

1 comment:

  1. O”s teleprompter...
    “Great news on the economy”,
    The coast to coast hiring surge has taken a break to catch up with the demand.

    ReplyDelete

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