Bad News just got worse as an August 2011 will go down as the first month 1945 Private Industry did not produce a job. Economists were expecting 80,000 created. From AP via Yahoo News:
Employers added no jobs in August — an alarming setback for the economy that renewed fears of another recession and raised pressure on Washington to end the hiring standstill.
Worries flared Friday after the release of the worst jobs report since September 2010. Total payrolls were unchanged, the first time since 1945 that the government reported a net job change of zero. The unemployment rate stayed at 9.1 percent.
The dismal news two-day before Labor Day sent stocks plunging. The Dow Jones industrial average fell 253 points, or more than 2 percent.