Newly Revised Reports Say That 155,000 Jobs Were Added In December
The calculation method by which the Department of Labor determines the rate of unemployment rate is revised each January.
So according to the new formula, the rate of unemployment was raised from 7.7 percent to 7.8 percent in December with the addition of 155,000 more jobs. However, the rate for July went down from 8.3 percent to 8.2 percent.
Last month’s job growth comes as good news as some economic analysts feared that the threat of the fiscal cliff would stall hiring.
The LA Times reports:
The good news in the report is that worries about the so-called fiscal cliff of tax hikes and budget cuts didn’t derail hiring last month, as some had feared it could. Healthcare hiring was very strong, manufacturing bounced back and construction added a solid batch of jobs, although part of that was likely due to recovery efforts from Superstorm Sandy that struck the Northeast in late October.
On the other hand, some analysts were hoping for stronger overall job growth last month, closer to 200,000, as there were some indications earlier this week that hiring in the private sector might have accelerated. But the retail sector cut back its staffing, as did the information industry. Government employers, mostly local schools, shed 13,000 from its payrolls. Temporary-help employment was flat.
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