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Economy Creates No New Jobs In August

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MIAMI (CBSMiami.com) – Florida’s jobless rate for August won’t be released for another two weeks, but if the national numbers are an indicator; Florida’s numbers may not be pretty.

In August, the U.S. economy added no new jobs. It was the weakest jobs report in almost a year and stoked fears that the U.S. was heading into a double-dip recession.

The unemployment rate for the nation stood at 9.1 percent and has been above 9 percent for all but two months since May 2009. Plus, job figures for June and July were revised lower and the average hourly earnings declined.

The White Hous also said Thursday that unemployment will remain above 9 percent through the 2012 Presidential election cycle, which will spell major problems for President Barack Obama’s re-election chances.

The stagnant hiring and declining wages left consumers with no money to spend, which makes up 70 percent of the U.S. economy. All of the news sent stocks tumbling throughout the morning on Wall Street.

(TM and © Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2010 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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