Bad News Unemployment remains at 10%: 85,000 Lost Jobs in December

December the last month of the year. It’s the last month of hiring by retailers for the holiday season.   85,000 net jobs lost . Meaning Unemployment remains in double digits. 10% precise. Analysts expect hiring to cut employment levels or be flat.

The cause due to lack of confidence in the economy; in the nascent recovery led to employers cut the workforce. The numbers tell the tale underemployment is at 17.3% inched up from 17.2 percent. 661,000  people  actually let go.

“One word sums it up: Disappointment,” said Jonathan Basile, an economist at Credit Suisse.

The drop in the labor force, Basile said, “tells me that Main Street doesn’t believe there’s a recovery yet, because they’re not out looking for jobs yet.”

There a little good news:  November actually created a net 4,000 jobs the first gain in 2000. This is due to revising the calculations. One the other hand the revision for October has found that 16,000 additional jobs were eliminate.

AP via Yahoo News


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