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Unemployment rate stays at 7.8%.  155,000 jobs added in December.  November's job gain revised slightly upward.

Employers added workers in December at about the same pace as the prior month, and the unemployment rate matched a four-year low, showing sustained gains in the U.S. labor market even as lawmakers were struggling to reach a budget deal.

Payrolls rose by 155,000 workers last month following a revised 161,000 advance in November that was more than initially estimated,

. . . .

Revisions to prior reports added a total of 14,000 jobs to payrolls in the previous two months.

The economy created 1.84 million jobs for a second straight year.

Annual revisions to the household survey showed the unemployment rate averaged 8.1 percent in 2012, the lowest in four years.

http://www.bloomberg.com/...

This while the public sector continues to shed jobs.  Manufacturing showed a stronger than expected uptick.

Average hourly earnings climbed 2.1 percent from December 2011, to $23.73, the biggest gain in a year, today’s report showed. The average work week for all workers climbed to six minutes to 34.5 hours.

Private payrolls, which exclude government agencies, rose 168,000 in December after a revised gain of 171,000. They were projected to rise by 155,000, the survey showed.

Factory payrolls increased by 25,000, the most since March and compared with the Bloomberg survey forecast of a 4,000 increase.

. . . .

Government payrolls decreased by 13,000 in December, the third straight month of declines.

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Comment Preferences

  •  Tip Jar (4+ / 0-)
    Recommended by:
    dance you monster, bear83, grrr, HoundDog

    Chuck Hagel for Defense Secretary

    by Paleo on Fri Jan 04, 2013 at 05:48:49 AM PST

  •  Consider that 150k jobs need to be created each (0+ / 0-)

    month just to keep pace with population growth. We are just treading water. Also - there is little indication of the earning potential for these 155k new jobs.

    I do not like being so dour. However, from looking at these stats, combined with rhetorical evidence (that tends to be useless unless it follows statistical trends), it is difficult to be cheerful.

    On the upside - at least we are not losing jobs.

  •  Thanks paleo. I can't believe the GOP is (0+ / 0-)

    insisting on setting off a voluntary "austerity" bomb on ourselves with such a fragile economy that is barely on the edge of recovery, and at a time when we still have an unprecedented number of people still without jobs this late in a "business cycle recovery."

    We have three remaining "fiscal cliff" budget challenges immediately before us: the debt ceiling approximately March 1, the sequestration cuts March 2, and the continuing budget resolution

    We ought to have a clean one year extension of the debt-ceiling to pay for the debt and spending congress has already authorized, and consider delaying much of the $1 trillion of additional sequestration cuts one year, so we can be more surgically precise, and quickly hold hearing to develop a bipartisan "continuing budget resolution" which I believe is also coming up in March.

    Rather than inflict another round of damaging economic uncertainty on consumers, businesses, and investor at this fragile time, we need confidence building measures.

    We should agree to take out the significant pork the Congress just added to the National Defense Authorization Act, over the objections of President Obama and the Department of Defense. Both have indicated a desire to shut down obsolete programs. Perhaps, congress put these in so that we could have a symbolic quick victory, on deficit reduction with no actual reduction to defense spending.

    We can also already know of several major efficiencies improvements which could save substantial amounts even in Medicare that will not reduce benefits, such as allowing Medicare to negotiate with big Pharmaceuticals.

    A more modest package of immediate targeted cuts can be substituted for the sweeping across the  board "blood axe" cuts now in the sequester bill to get us to the next year. We could easily find $100 billion for a one year extension.

    But, with the deliberate obvious pork put back in the NDAA I believe we should immediately form a Blue Ribbon Committee to review the 800 military bases we continuing to maintain across the globe many of them holdovers from past wars of long ago.

    For example, we still are paying hundreds of billions for the defense of Europe against a tank blitz against the Soveit Union which no longer exists anymore, and most Warsaw Pact nation are in the European Union. Most of these nations have military expenditures nearer to 2% of GDP, while our base military expenditures are reportedly over 4.5% and our off book total military and intelligence expenditures add $500 billion/year to this.

    One concern about ramping this down too quickly is the reverse Keynesian effects, but this is why I propose that we find an additional $100 billion in this bloated defense budget which has been nearly doubled since 9/11 and "redeploy" these assets and expenditures to a more pressing "clear and present danger" to our national security -- our failing infrastructure.  

    We could use $50 billion of the additional permanent  $100 billion cuts to military spending for a temporary jobs and economic stimulus of President Obama's infrastructure bank.

    And, the remaining $50 billion in jobs stimulus with tax incentives for upgrading roads and bridges, as well accelerating our conversion to alternative energy, and starting planning our upgrading our electrical grid infrastructure with "Smart Grid" technology and High Voltage Direct Current long-line transmissions or other modern technologies which stimulate or fragile economy.

     

    The means is the ends in the process of becoming. - Mahatma Gandhi

    by HoundDog on Fri Jan 04, 2013 at 06:38:21 AM PST

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