Last Updated: 9:06 a.m.
The American economy cannot shake its anemia, adding 155,000 jobs in December–barely good enough to keep up with normal growth in the labor force, as unemployment edged back up to 7.8 percent. (The December rate is officially unchanged, because the Labor Department revised November’s rate to 7.8 percent, from 7.7 percent.)
Job-creation Numbers for October and November were revised upward, but not by much, adding 14,000 jobs to the tally, according to figures released by the U.S. Labor Department this morning.
None of the key indicators changed significantly: the civilian labor participation rate, an indication of people’s willingness to work–or their optimism (or pessimism) about their ability to find work–was unchanged at 63.6 percent, barely down two decimal points over the year. The employment-to-population ratio, at 58.6 percent, is down a decimal point since the previous month, and 12.2 million people remain unemployed.
Nevertheless, the economy is maintaining the recovery, with December’s job creation matching the average monthly job creation for 2012.
The so-called U-6 measure of unemployment, a more accurate way of measuring the employment climate because it accounts for those who have dropped out of the workforce and those who work part-time involuntarily so (because they can’t find full time work or have had their hours cut back, though they need full time work), was unchanged at 14.4 percent. It is down from 15.2 percent a year ago. Almost 8 million people are employed part-time for economic reasons, as opposed to by choice.
Out of a civilian, adult population of 244 million, 89 million Americans are not working, though retirees, stay-at-home parents and people who choose not to work account for the greater majority of that number. Nevertheless, the 89 million, one way or another, must be supported by the 143 million who are working. The balance is in the unemployed column.
[This is a developing story. More soon.]
The Spiel says
…And the County wants to buy a defunct water plant. Any takers for the Brooklyn Bridge. Worry about getting industry and jobs here first before taking on someone else’s broken down water system.
And, wait until February when the layoffs start all over again after the seasonal holiday blues?
Magnolia says
Unemployment and new taxes are not compatible. This administration does not want to fix the economy. Have you heard one word about new jobs since the election?
Mr Magoo says
Times are indeed “BAD”. After researching the past 10 years of employers hiring practices, I have determined that “White middle aged males” NO LONGER need to apply for ANY job. Most are being incarcerated under the NEW arrest policies….What ever the charge put the word FELONY in front of it.
County makes 3 times more money and they don’t have to worry about those CRAZY white middle aged men buying firearms. Its a CONSPIRACY that is TRUE !!!!!! Slowly this once GREAT NATION is becoming
a socialist, communist TRASH HEAP !!!!
Joe says
There are consequences to elections….
Outsider says
Now that the election is over, USA Today has decided it can print the truth without hurting their man’s chances of being re-elected:
http://www.usatoday.com/story/money/business/2012/12/30/health-care-law-jobs/1785641/