Job market recovery still painfully slow
Employers added 155,000 jobs in December. The unemployment rate remains at 7.8%.
The labor market is continuing its agonizingly slow path toward recovery.
According to government figures released Friday, U.S. employers added 155,000 non-farm payroll jobs in December. Gains came in health care, manufacturing, food services and construction. This report is better than the 153,000 median forecast of economists surveyed by Bloomberg News and worse than the 160,000 forecast by Dow Jones.
Unemployment held at 7.8%, the lowest rate of the Obama administration. November's rate was revised from 7.7% to 7.8%. Bloomberg's and Dow Jones' forecast called for the rate to fall to 7.7%.
Economists continue to expect the economy to make slow, steady progress in 2013. Growth, though, won't be much to brag about. The International Monetary Fund, for instance, expects U.S. growth of about 2.75% this year, up from 2.2% in 2012.
The revised November report may rekindle conspiracy theories advanced by ex-General Electric (GE) CEO Jack Welch and others that the Obama administration had kept the unemployment rate artificially low to garner support for his reelection. However, unemployment is calculated based on surveys of thousands of households, making it nearly impossible to rig. Unemployment figures are often revised to insure their accuracy.
Otherwise, the report had few surprises.
Rebuilding from Sandy resulted in a gain of 30,000 jobs. Manufacturing jobs showed an increase of 25,000, the industry's best showing in months. The retail sector showed little change after posting a gain of 143,000 over the past 3 months. Holiday sales were weaker than many retailers expected as shoppers were apparently spooked by the battle in Congress over the fiscal cliff. Government employment was also flat.
Many experts see better times ahead for the U.S. economy. But the good times are coming so slowly that many people aren't seeing much of a difference.
we will never see a recovery. The CEO's who are making $250,000,000 a year by firing $50K to $80K a year American workers and replacing them with 25 cents an hour Chinese workers will never rehire American workers.
As far as the few jobs here in America that have been created since the crash 90 percent have been minimum wage jobs at 29 hours a week (so the companies do not have to pay benefits like health care or pension plans) So we are talking about 50 weeks at 29 hours times 7.25 an hour or a whooping $10,500 a year jobs when it takes $450,000 a year to survive in America.
Hey that $450,000 a year number is not mine but the fiscal cliff number where people making less than that are hurting so much their taxes can not go up anymore.
So the decline of the America way of life is on a fast course towards total collapse. With everyone bragging about $10,500 a year new jobs being the recovery I say what recovery???
We are doomed to have a total collapse in about 1 to 3 years folks.
The headwinds of senting millions of jobs overseasmakes it a miracle we`re this
good.34 straight months of job growth makes me proud to have brains in the WH
and have a good family who cares.Obama makes me proud to be an American.
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