U.S. Fails to Create Jobs in August
Analysts had predicted the addition of approximately 60,000 jobs in August. The numbers for July were also revised. It had previously been estimated that 117,000 jobs were added in July, but the number now stands at 85,000 according to the Washington Post.
But the numbers may not be quite as bleak as they seem. Approximately 45,000 Verizon workers were on strike when the August data was collected. This may have affected the numbers and cancelled out any positive employment gains.
The unemployment rate remains at 9.1 percent. The White House released a statement Friday calling the number “unacceptably high.”
The disappointing news comes on the heels of President Obama’s announcement that he will address a joint session of Congress on Sept. 8 in which the president plans to unveil his new jobs plan.