United States: Nonfarm payrolls unchanged in August
September 2, 2011
In August, nonfarm payrolls remained flat over the previous month. The figure came in below the revised 85,000 jobs added in July (previously reported: 117,000) and undershot market expectations, which had payrolls rising by 67,000. The reading represents the worst outturn since September 2010. As in the previous months, the private sector was entirely responsible for new hiring, albeit adding only a paltry 17,000 jobs, which fell shy of market expectations of 75,000 new jobs. In contrast, the public sector shed 17,000 jobs. Owing to the subdued payroll change, the unemployment rate remained flat over the previous month at 9.1%. The economy lost a total of 7.4 million jobs during the recession, which officially lasted from December 2007 to June 2009. Since then, the economy has added just 639,000 new jobs and is not expected to make a major comeback in the coming quarters.