U.S. Economy Didn’t Add a Single Net Job in August
Matt | On 02, Sep 2011
The U.S. economy is on the side of the road, passed out, in need of life support … and everyone keeps driving right on by.
An extremely dismal jobs report was released on Friday noting that the economy didn’t add not one nary, single, stinking position for the month of August. Well, about 30,000 jobs were added, but you have to account for the job losses as well too. So the net amount was zero.
The federal unemployment remains at 9.1 percent. The rate for the African-American community, for instance, is now at 16.7 percent. If you look at black men only, the rate jumps to 18 percent. That shit oughta raise more than just a few ears. Minority communities are really feeling the heat.
Just by itself, having nearly 10 percent of the overall population out of work means far too many idle minds.
President Obama will address a joint session of Congress on Thursday, September 8 at 7:00 p.m. ET as he presents his jobs plan. Honestly though, the government nor president “creates” jobs. It’s the employers and the market that create need, hire people, and then unemployment begins to decrease.
I’ll watch the president’s speech, but I’m not expecting radical new ideas. I do expect Congress to get off of their asses and work WITH one another to address this severe problem.
I personally think there is still far too much uncertainty in the market. Anytime you have employers who are overlooking QUALIFIED candidates simply because they are unemployed makes absolutely no sense. Companies have the capacity to hire, but they have got to start the process.