By STAFF Writer
August 03, 2011
Statistics released today by the Bureau of Labour Statistics on the employment growth in America reveals the unemployment rate remained at 9.1% or 14 million. This is the first time in 2011 the largest economy of the world failed to add new jobs.
The statistics showed unchanged non-farm payroll employment in August. After the data was released, the US stocks market tumbled. Dow Jones Industrial Average plunged more than 200 points and Standard & Poor's 500 went down by 2%. Immediately a blame game was triggered between the Democrats and Republicans.
According to Wall Street Journal, more pressure has been created on President Barack Obama after the failure of adding new jobs. The pressure will also be hovered on Federal Reserve chief Ben Bernanke to revive the labor market.
Quote-Unquote
These numbers show that America is still facing a jobs crisis - Eric Cantor, R-Va (House Republican leader)
Since taking office, the president's policies have made a difficult situation worse - Rep. Paul Ryan, R-Wis. (chairman of the House Budget Committee)
It wasn't a shock today. The president who wants to get reelected doesn't care what you think of him right now. He hasn't done enough to try to create jobs and it's been obvious - William Lefkowitz (Chief Options Strategist at vFinance Investments, New York)
"In a nutshell, this is the great goose egg economy -- a big zero, a big nothing - Sal Arnuk (Co-Manager of Trading at Themis Trading in Chatham, New Jersey)
US Presidents seeking re-election in hard times swept from office due to bad economies
Hoover in 1932
Carter in 1980
George H.W. Bush in 1992
US Presidents won re-election by persuading voters about things headed in right direction
Franklin Roosevelt in 1936
Ronald Reagan in 1984
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