‘ZERO’ GROWTH!

Money & Company
Tracking the market and economic trends that shape your finances.
September 2, 2011 | 6:11 am

The U.S. added no new jobs in August as employers cut back hiring and trimmed work hours of existing employees, the government said Friday.

The latest snapshot of the labor market provided more evidence that the economic recovery remains threatened by the unusually weak labor market.

The unemployment rate stayed at 9.1%. It was the first time in a year that the nation’s monthly payroll employment tally showed no growth.

But the August report was affected by the temporary strike of 45,000 Verizon workers during the week when the Labor Department surveys employers.

Hiring may also have been held back by the turmoil over the debt-ceiling fight and its effect on Wall Street and public confidence. Even accounting for the Verizon strike, many economists were expecting job growth of around 70,000 for August.

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