January 6, 2012
December Employment Report
The Department of Labor released the December employment report today. I don't think I've written this for several years, but it looks pretty good. The headline is the unemployment rate dropping to 8.5%, from a revised 8.7% the previous month. There was 200,000 jobs added (220,00 in the private-secotr offsetting public job losses). Other measures showed improvement. The underemployment rate, while still a high 15.1% is still down. Also, wages and hours worked are up--all goods signs for the future. Finally, lest you think this is all Christmas sales, growth was seen in manufacturing, transportation, warehousing, retail,and even construction.
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