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U.S. Economy Adds 155,000 Jobs in December

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  • Description

    FBN’s Peter Barnes breaks down the latest report from the Labor Department.

  • Duration 3:58
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Historic unemployment rate was seven point 8% in December nonfarm payrolls rose by a 155000.

About as expected.

But that included 30000 new construction jobs that we're likely related to rebuilding from hurricane sandy now.

Here's another twist the unemployment rate last month ended up unchanged.

From November because it was it was revised up to seven point 8% from that original report.

Of seven point 7% as part of a regular annual.

Seasonal adjustment that occurs every December here at the Labor Department so remember when it went down from seven point nine to seven point seven and how surprised we Wear well.

Never mind it did it's it's seven point eight it's it's seven why it is so it is flat.

The broader measure of unemployment U six which includes people marginally attached to the workforce and those.

Part time for economic reason reasons remain unchanged in December at fourteen point four.

And for the entire year of 2012 they get cut economy created one point eight million new jobs about the same as last year Stewart.

Now one of the big reasons why the unemployment -- gone from above ten to below eight is that millions of people have dropped out of the -- fools have yet information from today's report about new dropout.

Yeah we didn't see much of that.

In December in this report we have seen in previous reports but last month there there wasn't much going on with people dropping out we had some people coming into the workforce about 200000 but then.

Another 200000 or so said that they had.

Became unemployed and they so called household survey so they -- each other route we didn't see any big movement with -- last.

Alright Peter bonds right now with a news thanks very much freedom Charles guy and his -- Charles seven point 8% 155000.

New jobs created is a -- settling into a new normal patent for unemployment.

We've been stuck in a new pattern that's for sure but I don't know that we have to settle for that even historically.

65%.

Was thought to be you know probably the best you can get a lot of people to simply would never -- -- work.

Of course that every got much -- under President Bush so you know -- think that -- will be seven point 8% is still high and particularly in light of what you mentioned how many millions of people over the last four partners about the drugs that have you got information on who has been dropping out youngsters or older people and young people I have censors think thing and that's where we shouldn't get too complacent.

You keep paring a lot of economists is what.

Let's I say their apologists who say this is natural attrition.

You know we have an aging population of baby boomers are dropping out it's only natural they're retiring it's the exact opposite -- participates -- rate has gone up over the last couple years young people their participation rate has plunged two questions what type of new jobs being created.

I and how about small business.

You know yesterday and ADP report the to have the biggest red -- -- two things manufacturing -- battle of a percent that's not supposed to be 90111000.

I'm sorry that's not supposed to be happening.

And small small businesses were less than twenty employees -- 6000.

That's worrisome because I don't think that had anything to do the fiscal cliff I think to have more that would obamacare taxes and and rules -- regulations so that could be a brand new trend and that has been a nice nice engine.

Of them you know moderate growth that we have seen in the -- the economy overall it's not a strong economy seven point 8% unemployment 155000.

New jobs sounds a law that is non us.

Not a really strong recovery Stewart when you compare these the past recessions -- -- -- and recoveries is -- nowhere near anything that we've ever seen before this is without a doubt.

The most sluggish of post recession recovery that we've ever -- That bad absolutely all right Charles fine thank you very much indeed appreciate it.

That is it for this Fox Business special report we will of course have continuing coverage throughout the day on the Fox Business Network.

Varney and company begins at 9:20 -- as go back to -- fuel regular programming.

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