The U.S. Bureau of Labor Statistics (BLS) reported that the economy added no new jobs during the month of August in a September 2 release. "Nonfarm payroll employment was unchanged (0) in August, and the unemployment rate held at 9.1 percent," the BLS reported.
News of the lackluster numbers sent all of the major stock indexes tumbling, and gold and silver soared as a safe haven in early trading against the bearish market and expected inflation. Gold rose to more than $1,875 per ounce, and silver topped $43 per ounce in trading within hours of the BLS release.
Although the unemployment rate was unchanged, the report denotes upward pressure on the already high unemployment rate. Most economists estimate that the market must add about 100,000 new jobs per month just to keep up with population growth in order to keep unemployment levels stable. The economy has added fewer than 100,000 jobs in each of the last four months, and the August report was the first time the U.S. economy didn't add any jobs since September of 2010.
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Photo: Job hunters line up to attend a job fair in Ontario, Calif., Feb. 27, 2008.: AP Images