Labor Department: no new jobs added in August
COLLEGE STATION -- The shaky economy has many Americans worried that another recession is right around the corner and the new jobs report out last week doesn't help lessen any fears.
But one local economist says Texans shouldn't be too concerned with those numbers.
In August, only 23,000 private sector jobs were added in the U.S. but local and federal government cuts canceled them out so the labor department says no new jobs were added.
"With the way the economy goes it's almost not really shocking because I feel like there are a lot of people who are jobless and stuff and its almost becoming the normal thing which is sad to say but ya know, a lot of people are having a hard time finding employment," said Kirstie Merchant, a Texas A&M student.
Economists had hoped to see around 93,000 jobs added last month but the unemployment rate remains at 9.1 percent.
"It's a sign that whatever improvement was occurring from 2009-2010 has pretty much stopped on the job front," said Dr. John Hanson, an economics professor at Texas A&M.
And this is the first time since February 1945 that the government has reported a net job change of zero but Dr. Hanson says Texans,especially College Station residents, are much better off.
"This area traditionally has either the lowest or among the lowest unemployment rates in the state of Texas and I'm sure that is true today," Hanson said.
And Dr. Hanson contributes that to the employment opportunities Texas A&M has to offer.
Obama is supposed to announce his new job plan on Thursday but Texans are still concerned.
"With how the government is going there's not going to be many job openings for my age and stuff and they are going to want people with more experience so I feel like when I do get out in the work force I'm going to be kind of left jobless or having a hard time finding a job," Merchant said.