This Week in the Economy

by CoyDavidson on September 2, 2011

No Jobs in August

Job growth was a wash in August, with the U.S. economy adding 17,000 private, nonfarm sector jobs, but losing the same number of government jobs according to a report today from the Bureau of Labor Statistics (BLS). The August report was the most dismal results since September 2010, when 29,000 net job losses were reported. In addition, the BLS also revised downward the job numbers for June and July by a combined 58,000 positions, bringing the two month total to 105,000 jobs.

The issue does not appear to be an upsurge in layoffs, since initial unemployment claims have not climbed, but a lack of hiring, resulting from a lack of growth in demand and huge policy uncertainty. Global outplacement consultancy, Challenger, Gray & Christmas, Inc. reported earlier this week that United States-based employers announced plans to trim 51,114 workers from the payrolls in August, a 23-percent decline from July, when the number of job cuts hit a 16-month high of 66,414.

Below are links to the other top economics news for the week:

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