US economy still in crisis as job growth stalls

US markets opened lower today as more weak economic data emerged from the US showing no jobs were created in August.

The non-farm payroll figures released today showed no new jobs were created, against a consensus expectation of about 75,000 new jobs. It i sharply down on July's figure when 117,000 jobs were added. However, the unemployment rate held at 9.1% or 14 million. According to the data from the US Bureau of Labor Statistics, hours worked and average earnings both fell, while the number of part time workers increased by 400,000. The major indices in the US plunged on opening, with the S&P 500 down 2.1% to 1,179, the Dow falling 2.1% to 11,251. European markets fell further in afternoon...