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Economy Showed No Job Growth in August; Unemployment Rate at 9.1%
The economy showed no job growth in August, the first time there has been no job growth in the United States in a year.
The net addition of no jobs in the month was down sharply from a revised 85,000 gain of jobs in July, the Labor Department said Friday, and was far below a consensus forecast by economists of 60,000. The unemployment rate stayed constant at 9.1 percent in August.
The non-farm payrolls stayed flat in August after a prolonged increase in economic anxiety that began with the brinksmanship in the debt-ceiling debate and was followed by the country's loss of its triple-A credit rating, stock market whiplash and renewed concerns about Europe's sovereign debt. And the jobs figure, a monthly statistical snapshot by the Department of Labor, appear more negative than they actually are because they do not include 45,000 Verizon workers who were on strike when the survey was taken.
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U.S. Is Set to Sue Big Banks Over Mortgages
The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks, accusing them of misrepresenting the quality of mortgage securities they assembled and sold at the height of the housing bubble, and seeking billions of dollars in compensation.
The Federal Housing Finance Agency suits, which are expected to be filed in the coming days in federal court, are aimed at Bank of America, JPMorgan Chase and Deutsche Bank, among others, according to three individuals briefed on the matter.
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U.S.OpinionEditorialThe Military and the Death PenaltyNew evidence of racial bias in the military is further proof that it's time to abolish capital punishment. |
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