Economy, Labor Department | featured news

Job creation came to a halt in August, according to new government data that show an economic recovery that appears to be sputtering out. The Labor Department on Friday reported zero net job creation in August, far worse than the 68,000 net jobs analysts had expected to be added. The unemployment rate was unchanged at 9.1 percent. The July job growth number was revised downward, as well, to only 85,000 jobs added that month — not the 117,000 estimated.

The number of job openings rose at their fastest pace in almost seven years in February, according to a new report from the Labor Department.

Layoffs are down, and at pre-recession levels, but hiring remains slow, Labor Department data showed.

Consumer prices increased slightly last month as food and energy costs ticked up, but there was little sign of widespread inflation. The Consumer Price Index rose 0.1 percent in November, less than the previous month's rise of 0.2 percent, the Labor Department said Wednesday. In the past year, prices have moved up only 1.1 percent.

Only 47.6% of people ages 16 to 24 had jobs in August, the lowest level since the government began keeping track in 1948, the Labor Department said Friday

Private employers added 67,000 jobs, more than forecast, but governments shed jobs in August, the Labor Department reported.

Initial requests for jobless benefits rose last week to their highest level since April, a sign that hiring remains weak and some companies are still cutting workers. The Labor Department said Thursday that new claims for unemployment insurance rose by 19,000 to a seasonally adjusted 479,000. Analysts had expected a small drop. Claims have risen twice in the past three weeks.

The jobless rate in 39 states and Washington, D.C. fell in June compared to the prior month, the Labor Department said. Just five states saw unemployment rate increases.

Already grappling with a surge in claims for unemployment insurance, recession-weary state labor departments are also now dealing with increased fraud.

Stocks tumbled Friday after the Labor Department said hiring remains weak and Hungary became the latest European country to report its economy is in crisis.