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Transcripts For CNNW John King USA 20110903



gulf of mexico. residents of mississippi and louisiana got short notice warnings today. get ready for tropical storm lee to hit this weekend. it may not be as powerful as a hurricane, but it s moving at a crawl, which means new orleans canals and levees will be tested by a prolonged rain. up to 15 inches or more are expected plus a storm surge. we ll get a live update on storm preparations in a few minutes. but first, today s stunner from the labor department, the country saw a net gain of no jobs in august. plus no change in the unemployment rate still 9.1%. it is the worst jobses report in a year. wall street crater, the do you industrial, s & p 500 and nasdaq all lost more than 2% today. president obama didn t even try to put a positive spin on the news. no on-camera statement, not even a written one. we did catch one clims of him today as he left for camp david without even turning to wave good by. with us now, the president s former economic advisor, christina ....

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