Friday, January 10, 2014

December Job Creation Sucks

Unexpectedly of course. Only 74,000 jobs created. Labor force participation plummets. Obamanomics just keeps on keeping on
Job creation stumbled in December, with the U.S. economy adding 74,000 positions even as the Federal Reserve voted to take the first steps in eliminating its stimulus program. 

The unemployment rate dropped to 6.7 percent, below economist estimates and due primarily to continued shrinkage in the labor force.
More here.
Payrolls in December increased at the slowest pace since January 2011, indicating a pause in the recent strength of the U.S. labor market that may have reflected the effects of bad weather. 

The 74,000 gain in payrolls, less than the most pessimistic projection in a Bloomberg survey, followed a revised 241,000 advance the prior month, Labor Department figures showed today in Washington. The median forecast of 90 economists called for an increase of 197,000. The unemployment rate dropped to 6.7 percent, the lowest since October 2008, as more people left the labor force. 
Bad weather? You mean, winter weather is usually pleasant?


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