Happy happy joy joy - Roubini update

The August jobs numbers came out today. 17,000 jobs 'created' while 17,000 jobs lost. Zero net gain. The markets are not happy. From CNBC:

Economy Gains No Jobs in August, Rate Holds at 9.1%
The US economy created no jobs and the unemployment rate held steadily higher at 9.1 percent in August, fueling concerns that the US is heading for another recession.

It was the first time since World War II that the economy had precisely net zero jobs created for a month.

Economists had been expecting the report to show a net of 75,000 jobs created, an unusually low number considering the US is technically more than two years removed from the end of the last recession.

Stocks sold off sharply following the report, while bond prices rose and the US dollar fell nearly 2 percent against the Swiss franc.

Markets had been closely watching the August report in hopes that the employment picture would begin to show signs of recovery.

Stocks have slumped more than 10 percent since the beginning of May as concerns grew that the debt and deficit problem was beginning to overwhelm hopes of a recovery following the depths of the financial crisis in 2008 and 2009.

Private payrolls actually rose 17,000, but that was offset by continued shrinkage in government. The number of people unemployed remained unchanged at 14 million.

It was a dismal way to kick off the Labor Day weekend when Americans are supposed to be celebrating work, not bemoaning the lack of it.

The article also mentions that other number:

The unemployment rate that counts those not looking for work rose to 16.2 percent, tied for the highest in 2011.

And of course, these numbers will impact the global economy and Nouriel Roubini weighs in today:

Roubini : risk of a double dip recession in most advanced economies
Nouriel Roubini : I do not see a global recession in the sense that the emerging markets that account for half of the economy are going still grow robustly , but I certainly see a situation where a risk of a recession or a double dip is significant not only in the US but also in the most advanced economies , if you look at the peripheral of the Eurozone they are already in a contraction Greece Ireland Italy Portugal and Spain the UK had no economic growth for three quarters....." Nouriel Roubini speaking to Bloomberg from Cernobbio in Italy - Sept 02 2011

I love it, those nations that aren't trying to implement a workers paradise -- China, Asia, India, Brazil -- are going great guns while the cultural elite (Europe and the US under the Obama regime) are reaping the rewards of collectivized labor and central planning.