Employers added no net workers last month and the unemployment rate was unchanged, a sign that many were nervous the U.S. economy could be at risk of slipping into another recession.
The Labor Department said Friday that total payrolls were unchanged in August, the weakest report in almost a year. It’s the first time since February 1945 that the government has reported a net job change of zero. The unemployment rate stayed at 9.1 percent. 

Job gains in June and July were revised lower, to show 57,000 fewer jobs added. The downward revisions were all in governmentjobs. The average work week also declined and hourly earnings fell by 3 cents to $23.09.

The report may dampen expectations for the economy to pick up in the second half of the year.

With hiring stagnant and wages declining, consumers won’t see much gain in incomes. That will limit their ability to spend, which undercuts economic growth. Consumer spending accounts for about 70 percent of the economy.

The private sector added 17,000 jobs, the fewest since February 2010. That compares with 156,000 in July and 75,000 in June.

Hiring fell across many different sectors. Manufacturers cut 3,000 jobs, its first decline since October 2010. Construction companies, retailers, and transportation firms also cut workers.

The health care industry added 30,000 jobs last month.

Since 1945, the stock market posted gains during seven recessions and declined in four of them. The average stock market gain over all 11 recessions was 3.0%.

The average length of a recession since 1945 has been ten months.

The most significant stock market losses are typically experienced before a recession.

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