7.8%: No Holiday Lift for Jobs
The unemployment rate remained flat at 7.8% in December, the Labor Department reported this morning. The monthly jobs report for the end of 2012 found the economy adding 155,000 jobs in December, in-line with the average monthly gains for the year. The economy needs to add 150k-200k jobs a month to keep up with population growth.
12.1 million Americans remain unemployed. 7.9 million people are working part-time because they can’t find full-time work. 2.6 million people are only marginally attached to the labor force. These are discouraged workers who had looked for a job sometime in the past year, but aren’t actively trying to get a job. They aren’t counted in the overall unemployment rate.
November’s initially reported 7.7% unemployment rate was revised up to 7.8%.