WASHINGTON (AP) — Employers stopped adding jobs in August, an alarming setback for an economy that has struggled to grow and might be at risk of another recession. The government also reported that the unemployment rate remained at 9.1 percent. It was the weakest jobs report since September 2010.
Stocks tumbled on the news. The Dow Jones industrial average sank more than 190 points in early-morning trading. A strike by 45,000 Verizon workers lowered the job totals. Those workers are now back on the job. The weakness in employment was underscored by revisions to the jobs data for June and July. Collectively, those figures were lowered to show 58,000 fewer jobs added. The downward revisions were all in government jobs. LINK
I’m pretty sure there will be others posting on this catastrophe but I have to chime in. As America waits with bated breath for the Dear Leaders vaunted jobs plan due out tonight (networks permitting), the statistics just keep getting worse. Nearly three years into the Obama administration the economy is in shambles, foreign policy is non-existent or schizophrenic at best and the federal government is growing like a Hydra taking over or over-regulating more and more of our lives. But hey liberals take heart. George Clooney still says he’s the smartest and most comppassionate Dear Leader we’ve ever had. Makes me feel warm and fuzzy. CINDER BLOCK 2012!