Unemployment Stays at 7.8% for December

The unemployment rate remained steady at 7.8% for December, according to a Department of Labor report [opens in PDF] released today. Nonfarm payroll employment rose by 155,000, enough to offset net new entrants into the labor market without raising the overall unemployment rate. 

Source: Department of Labor 

Although December's rate failed to improve off November's revised 7.8% rate, it's 0.7 percentage points below December 2011's 8.5% unemployment. Unemployment fell from 8.1% in August 2012 to 7.8% in September and ticked to 7.9% in October.

Among sectors with the largest employment gains were health care (+45,000), food services and drinking places (+38,000), construction (+30,000), and manufacturing (25,000).

Unemployment rates by age, sex, and ethnicity remain relatively unchanged from a year ago. The department reported the unemployment rates for adult women at 7.3% and adult men at 7.2%, while teenagers notched 23.5%. The report showed unemployment rates among the races as blacks (14%), whites (6.9%), Hispanics (9.6%), and Asians (6.6%).

This month's report, the last for 2012, also marks the Department's annual revision of previous unemployment rates to account for more accurate seasonal adjustment. Most notably, this means that November's previous 7.7% rate is now recorded as 7.8%. 

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  • Report this Comment On January 05, 2013, at 10:46 AM, skypilot2005 wrote:

    “Although December's rate failed to improve off November's revised 7.8% rate, it's 0.7 percentage points below December 2011's 8.5% unemployment. Unemployment fell from 8.1% in August 2012 to 7.8% in September and ticked to 7.9% in October.”

    And, how many $Trillions were spent by “The Government” trying to create jobs? Looks like Reagan and Romney were right.

    Related:

    http://finance.yahoo.com/news/heres-only-fiscal-cliff-detail...

    Many thanks to all the economically illiterate voters that keep voting for the Democrats.

    It’s just plain ignorant.

    Unless, of course, you have a free Obama “phone”.

    Sky

  • Report this Comment On January 06, 2013, at 5:57 AM, skypilot2005 wrote:

    Related:

    http://finance.yahoo.com/news/bigger-tax-bite-most-under-223...

    But lawmakers’ decision not to reverse a scheduled increase in the payroll tax that finances Social Security, while widely expected, still means that about 77 percent of households will pay a larger share of income to the federal government this year, according to the center’s analysis.

    The tax this year will increase by two percentage points, to 6.2 percent from 4.2 percent, on all earned income up to $113,700.

    Indeed, for most lower- and middle-income households, the payroll tax increase will most likely equal or exceed the value of the income tax savings. A household earning $50,000 in 2013, roughly the national median, will avoid paying about $1,000 more in income taxes — but pay about $1,000 more in payroll taxes.

  • Report this Comment On January 06, 2013, at 8:08 AM, TMFMorgan wrote:

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