Employment for the month of August was unchanged from July, according to a report released by the Bureau of Labor Statistics on Friday. The national U.S. unemployment rate stayed at 9.1% with about 14 million people unemployed — mostly unchanged from July.
The report issued was the first time since 1945 that the government reported that the net jobs change was zero.
A release by the Labor Department agency also showed that the 9.1% unemployment rate has shown very little change since April with it mostly either inching up or down one-tenth of a point for the past four months.
Industries that were hiring during the month of August included healthcare jobs, which added 30,000 jobs over the span of the month. About 8,000 jobs were added mostly in the computer systems design industry and other related services. However, employment dipped about 48,000 in the information sector mostly because of the two-week strike by Verizon employees.
The unemployment rate for major worker groups didn’t change, and government employment slightly dipped, according to the BLS statistics. The Labor Department said that those that have been unemployed for at least 27 weeks has been unchanged at about 6 million.
As a result of the jobs report, the stock market dipped into the red on Friday, with the Dow Jones industrial losing over 253 points to 11,240.49, a dip of 2.2%. The NASDAQ dropped 65.71 points to 2,480.33, a drop of 2.6%.
In addition to the disappointing numbers for the month of August, the Labor Department noted that estimates for jobs created for June and July had both been downgraded; the former plummeted from 46,000 to 20,000 and the latter dipped from 117,000 to 85,000.
Economists say that 150,000 new jobs need to be created every month just to keep with the population growth and to keep the unemployment rate steady. Economists also explain that more than 275,000 jobs a month need to be added in order for the unemployment rate to dip below 8% before Election Day.