Romney Campaign Press Release - Mitt Romney: Jobs Report Unacceptable

"Today's disappointing unemployment report is further proof that President Obama has failed. President Obama oversaw an economy that created zero jobs last month and that is unacceptable. In order to change the direction of this country, we need to change presidents. Americans need a conservative businessman to get this economy moving again, not career politicians. That is why I am running. Next week, I will lay out my specific plan to put America back to work." – Mitt Romney

Today's Jobs Report Shows Continued Weakness In The American Economy:

The American Economy Added Zero Jobs In August And Unemployment Remains At 9.1%. "Nonfarm payroll employment was unchanged (0) in August, and the unemployment rate held at 9.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment in most major industries changed little over the month." (Bureau Of Labor Statistics, www.bls.gov, 9/2/11)

• "Nonfarm Employment For June And July Was Revised To Show 58,000 Fewer Jobs." (Reuters, 9/2/11)

• "Employment Growth Ground To A Halt In August As Sagging Consumer Confidence Discouraged Already Skittish U.S. Businesses From Hiring..." (Reuters, 9/2/11)

Recent Economic News Confirms That President Obama's Policies Have Been A Dismal Failure:

• The Conference Board's Consumer Confidence Index Plunged In August To Levels Far Below Expectations. "Consumers' confidence in August dropped almost 15 points to the lowest level since April 2009 as worries about the economy fueled the wildest stock market swings since the financial meltdown in 2008. ... The Conference Board said Tuesday that its Consumer Confidence Index fell to 44.5, down from a revised 59.2 in July ... [and was] far below the 53.3 that analysts had expected." ("Confidence Drops to Lowest Level Since April 2009," The Associated Press, 8/30/11)

• Figures Released This Month Show That Jobless Rates Increased Or Remained Stagnant In 41 States During July. "Unemployment rates rose in July in more than half the states for the second straight month, evidence that job growth remains weak nationwide. The Labor Department said Friday that unemployment increased in 28 states, fell in nine and remained unchanged in 13." ("Unemployment In July Rose In 28 States, Fell In 9, The Associated Press, 8/19/11)

• The Housing Market Continues To Underperform As Pending Home Sales Fell In July. "Pending home sales fell 1.3% in July, according to a National Association of Realtors report released Monday morning. The index, which measures the number of contracts signed to buy previously owned homes in the U.S., plunged 11.6% in July, month over month ... Lawrence Yun, NAR chief economist, said sales activity is underperforming." (Miriam Reimer, "July Pending Home Sales Fall 1.3%," TheStreet.com, 08/29/11)

• A Report From The Mortgage Bankers Association Shows That More Than 6 Million Americans Are Delinquent On Their Mortgage Payments. "The number of American households that are delinquent on mortgage payments is rising again after falling for more than one year, an unwelcome trend for the U.S. economy. The Mortgage Bankers Association said 12.87% of mortgage loans on one-to-four-unit homes were 30 days or longer past due or in the foreclosure process at the end of the second quarter, representing more than 6.3 million households. ... The figures offer the latest sign of how the slumping job market threatens to create new problems for the fragile housing market." (Nick Timiraos, "Home-Loan Delinquencies Rise Again," The Wall Street Journal, 8/23/11)

• Activity In The Manufacturing Sector Broadly Declined In The Month Of August, According To The Federal Reserve. "Regional surveys of manufacturers are pointing to a downshift in activity, as a key driver of the recovery retreats amid worries about an economic downturn. ... The Federal Reserve Bank of Richmond's survey, released Tuesday, offered the latest downbeat assessment of manufacturing, which contracted in the central Atlantic region in August after stalling in July. The Philadelphia Fed last week said its index of manufacturing activity plunged in August to the lowest reading since March 2009. ... Another survey from the New York Fed also worsened in August." (Sudeep Reddy, "Factories Retrench Amid Downturn Worries," The Wall Street Journal, 8/24/11)

• New-Home Sales Have Fallen For Three Straight Months And "The Number Of New Homes Available For Sale Fell ... [To] The Lowest Since The Data Series Began In 1963." "Sales of new homes dropped to their lowest level since February, with the housing sector beset by too much supply and too little demand. ... New-home sales fell 0.7% in July to a seasonally adjusted annual rate of 298,000, the lowest level since February, the Commerce Department said. It was the third straight monthly decline in sales. ... The number of new homes available for sale fell 0.6% to 165,000, the lowest since the data series began in 1963." (Sudeep Reddy, "Factories Retrench Amid Downturn Worries," The Wall Street Journal, 8/24/11)