09-02-2011 • Businessinsider.com
Disaster: Zero new jobs created in August. A big fat goose-egg. This is much worse than the 68K that was expected by analysts. Private payrolls grew at an anemic 17K. That's far worse than the 95K that was expected, and the 91K predicted by ADP. Manufacturing payrolls shrank by 3K. Unemployment stayed at 9.1%. Average hourly earnings shrank by 0.1%, which is ominous. The thinking now: QE3 is much more likely, since we're getting the kind of disinflationary data that the fed needs to justify more easing.
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