Zero. That's the number of jobs that were added to the U.S. economy in August, according to a report released Friday morning by the Labor Department. Though economists had expected a modest gain of 60,000 jobs — far fewer than the 150,000-plus new jobs needed each month for a real recovery — they were greeted instead with news of "economic paralysis." The report also noted losses in the manufacturing and retail sectors — previously engines of growth — and a decline in average income. The unemployment rate remained at 9.1 percent. Just how "horrific" is this news?
This report isn't as bad as it looks: There's "one huge caveat," says Andrew Leonard at Salon. "The Verizon strike in August accounted for a net (and temporary) loss of 45,000 jobs." Take into account that 17,000 government jobs were eliminated in August, and the economy actually saw a net gain of 62,000 private sector jobs. While that's hardly robust, it "suggests there are some feeble signs of growth visible in the U.S. economy."
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