Following a depressing economic forecast from the White House budget office, today's jobs report brings even more depressing news: For the first time in nearly a year, the US economy added no net jobs last month. The government lost 17,000 jobs while the private sector added just 17,000. The unemployment rate remains at 9.1%, with 14 million Americans who want a job currently out of work and 6 million people out of work for longer than six months. When taking into account those who stopped looking for employment or those who took part-time jobs, the rate rose to 16.2% from 16.1% in July, the Wall Street Journal notes.
Global markets as well as Dow futures were both down this morning in anticipation of the report, Business Insider reports. Private sector performance was the worst it's been since Feb. 2010, and the Verizon strike didn't help, as it caused 45,000 jobs to go off company payrolls. Even worse, jobs for the prior two months were revised downward by 58,000 for a total of 85,000 new jobs in July and 20,000 in June. August's data was worse than expected; economists had predicted a rise in payrolls. Now, all eyes are on President Obama's jobs plan.