BREAKING NEWS: NOT ONE JOB CREATED IN AUGUST-PRESIDENT LEAVES WHITE HOUSE FOR RETREAT WITH NO COMMENT, CONTINUES ALOOF NON-INVOLVEMENT AND NO COMMENT

This is the daily press information briefing as presented today AFTER NEWS THAT NOT ONE JOB WAS CREATED IN AUGUST:

THE WHITE HOUSE

Office of the Press Secretary

DAILY GUIDANCE AND PRESS SCHEDULE FOR FRIDAY, SEPTEMBER 2, 2011

In the morning, the President will depart the White House for Camp David. The President will stay there until he departs for New Jersey on Sunday.

8:30AM Pool Call Time

10:00AM THE PRESIDENT departs the White House en route Camp David
South Lawn

The sheer arrogance of this president is astounding.

Just came back from vacation now leaving before any of us working stiffs again, and no comment by this "leader".

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 ( but this is a bogus count as they have stopped counting those who are no longer looking, with the real number closer to 20%!!!!). 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.

"Underlying job growth needs to improve immediately in order to avoid a recession," said HSBC economist Ryan Wang.

Fears that the United States will slip back into recession have been rising since the government reported over the summer that the economy barely grew in the first half of the year. Consumer and business confidence has been sapped by the political standoff over the federal debt limit, a downgrade in the U.S. government's credit rating and a debt crisis in Europe.

Job growth had already been sputtering before it stalled completely last month. The economy produced an average 166,000 a month in the first quarter, 105,000 a month in the second quarter and just 28,000 a month so far in the third quarter, said John Silvia, chief economist at Wells Fargo.

The dispiriting job numbers for August will put more pressure on the Federal Reserve, President Barack Obama and Congress to find ways to stimulate the economy. So far, Fed Chairman Ben Bernanke has been reluctant to try a third round of bond purchases designed to jolt the economy by further lowering long-term interest rates.

Obama next week will deliver a rare address to a joint session of Congress to introduce a plan for creating jobs and boosting economic growth. He is facing criticism within his own party, particularly from black lawmakers who say he hasn't done enough to help chronic unemployment in black communities.

HEY BLACK CAUCUS MEMBERS....HE CREATED NOTHING FOR NOBODY!!!! Just adding to misery with added burdensome new rules, increased premiums for health care and significant increase in fuel costs!

The unemployment rate for black men jumped a full percentage point in August to 18 percent. That's the highest level for that group since March 2010. Unemployment for all black people increased from 16.2 percent to 16.7 percent.

But Obama's unlikely to win support for any stimulus spending from congressional Republicans, who say the president's economic policies have failed. They want deeper spending cuts and less government regulation.

On Friday, Obama took a step toward winning their support. He directed the Environmental Protection Agency to abandon rules that would have tightened health-based standards for smog. Congressional Republicans and some business leaders have said the proposed rules would have cost jobs.

The weakness in employment was underscored by revisions to the jobs data for June and July. Collectively, those figures were lowered to show 58,000 fewer jobs added. The downward revisions were all in government jobs.

The average work week also declined, and hourly earnings fell by 3 cents to $23.09.

"There is no silver lining in this one," said Steve Blitz, senior economist at ITG Investment Research. "It is difficult to walk away from these numbers without the conclusion that the economy is simply grinding to a halt."

With job creation stalled and wages declining, consumers won't see much gain in incomes. That will limit their ability to spend, which undercuts growth. Consumer spending accounts for about 70 percent of the economy.

"The importance of job growth cannot be overstated," said Joshua Shapiro, chief U.S. economist at MFR Inc.

The economy needs to add roughly 250,000 jobs a month to rapidly bring down the unemployment rate, which has been above 9 percent in all but two months since May 2009.

In August, the private sector added 17,000 jobs, the fewest since February 2010. That compares with 156,000 in July and 75,000 in June.

"The stagnation in US payroll employment is an ominous sign," said Paul Ashworth, an economist at Capital Economics. "The broad message is that even if the US economy doesn't start to contract again, any expansion is going to be very, very modest and fall well short of what would be needed to drive the still elevated unemployment rate lower."

Hiring fell across many different sectors. Manufacturers cut 3,000 jobs, its first decline since October 2010. Construction companies, retailers, and transportation firms also cut workers.

The health care industry added 30,000 jobs last month.

The economy expanded at an annual pace of only 0.7 percent in the first six months of the year. That was the slowest six months of growth since the recession officially ended in June 2009.

In August, consumer confidence fell to its lowest level since April 2009, according to the Conference Board.

Most economists forecast that growth may improve to about a 2 percent annual rate in the July-September quarter. But that's not fast enough to generate many jobs.

The Obama administration has estimated that unemployment will average about 9 percent next year, when Obama will run for re-election. The rate was 7.8 percent when Obama took office.

The White House Office of Management and Budget projects overall growth of only 1.7 percent this year.

"The economy continues to stagger," said Sung Won Sohn, economist at California State University Channel Islands. "It wouldn't take much (of a) shock to tip it onto a recession."

Are we not in a recession already???

A recession is where your neighbor loses his job. A depression is when you lose your job. A recovery is where OBAMA LOSES HIS JOB!!!!!!