Employers add no net jobs in Aug.; rate unchanged

We knew the economy was bad but for the first time since 1945 to have "zero" payroll change shows it is worse than we thought.  Is this 9.1% unemployment true or is it much higher than that as many people have stopped looking officially for jobs?  These are bad numbers for August and sent the stock market down today.

Employers add no net jobs in Aug.; rate unchanged
Employers added no net jobs in August, while unemployment rate was unchanged at 9.1 pct.  

Paul Wiseman and Christopher S. Rugaber, AP Economics Writers, On Friday September 2, 2011, 4:08 pm

WASHINGTON (AP) -- Employers stopped adding jobs in August, an alarming setback for an economy that has struggled to grow and might be at risk of another recession. 

The government also reported that the unemployment rate remained at 9.1 percent. It was the weakest jobs report since September 2010. 

Stocks tumbled on the news. The Dow Jones industrial average sank more than 200 points in afternoon trading. 

Total payrolls were unchanged in August, the first time since 1945 that the government has reported a net job change of zero. Economists warned that the economy can't keep growing indefinitely if hiring remains stalled. 

Excerpt:  Read More at Yahoo News

Just what rabbit is Obama going to try and pull out of his hat with his speech on jobs with this report since he already blames the Congress.  Guess it is the fault of the Democrats in Congress for passing all his agenda that sent the Country into a tailspin starting with the auto bailouts and stimulus package which hasn't work.  Is his speech going to be a lecture to Congress on their responsibilities and make sure he is blameless for the bad economy?  Wouldn't be a shock at all after saying now he will review the EPA job killing regulations after the 2012 election.  That is another reason not to re-elect him because he would make sure those EPA regulations went through.  First the Fed not raising interest until 2013 and now the EPA regulations on ozone put off until after the election.  Political games by Obama that the American people have already figured out.