No Growth in US Job Market

05 September 2011 - Which Way to Pay

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No Growth in US Job Market

Amidst already sagging consumer confidence, the US Government revealed further bad news regarding the economy after a report confirmed no growth in the job sector during August. This news marks the first period in 10 months that the world’s largest economy has not produced net growth in nonfarm payrolls.

Economists have fuelled concerns regarding a recession subsequent to the report and the Labour Department’s reaction. The department said that private sector employment, previously the main engine for job growth as revenue-strapped state governments shed workers, changed little in most major industries last month. A paltry 17,000 private-sector jobs were added, a marked decrease from a revised 156,000 in July.

Joel Naroff from Naroff Economic Advisors made the bold statement that the US Government has been desperately yet ineffectively working against:

“The job machine has ground to a halt”

Ham Bandholz at UniCredit furthered pessimistic comments regarding the report saying that:

“[The report] clearly raises the spectre that the US has already entered or is at least close to enter another recession"

However, the Labour Department said that the number of unemployed people in the US was essentially unchanged at 14 million; the unemployment rate is also unchanged at 9.1% from July.

Confidence in the economy has taken a sharp hit since Standard & Poor’s infamous downgrade of the AAA credit rating. More recently, Americans also watched politicians strike an 11th-hour deal on August 2 to avert a sovereign debt default.

The August employment data has come ahead of Obama's much-anticipated speech to a joint session of Congress next Thursday. In the speech, Obama is expected to lay out a plan to create jobs and stimulate the moribund economy.

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