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Bleak Jobs Report: U.S. Economy "Stalled" With 9.1% Unemployment

The just-released U.S. Bureau of Labor Statistics (BLS) report shows the nation's unemployment rate for August remained unchanged at 9.1 percent and employers added no net new jobs last month. It was the most negative jobs report issued since the small decline experienced in September 2010.

The number of unemployed persons nationwide stood at 14 million in August, little changed from the previous month, according to a survey of households. Those only able to find part-time work rose by 430,000 to 8.8 million. According to the BLS survey, "discouraged workers" no longer looking for employment decreased from a year ago by 133,000 to 977,000.

The average workweek dropped to 34.2 hours, the fewest hours since January, and average hourly earnings fell three cents. Job growth for the previous two months also was revised downward by 58,000, resulting in only 20,000 new jobs in June and 85,000 in July.

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