The U.S. Bureau of Labor Statistics has released the job report numbers for December 2012, which are around what all the analysts expected. The economy added a net gain of 155,000 jobs in December and our unemployment rate remained the same at 7.8%. The first jobs report of 2013 suggests that the U.S. economic recovery remains on track, despite fears that Sandy and the negotiations of the fiscal cliff would deeply damage job growth.
Since peaking at 10.1% in October 2009, the unemployment rate is now back to where it was when President Obama was first inaugurated. So, while it may be at a slow and steady recovery rate, by adding 155,000 jobs in December, the economy is still creating jobs. However, are we really recovering? Joining the conversation today to help the Cyclists understand the Labor Department numbers are our dynamic duo: Peter Morici and Jared Bernstein. Wondering what each of these guys are thinking? You can find Jared’s piece here and Peter’s piece here.
See you all at 3 p.m. where we are sure Peter Morici will give his two sense on why he is not to happy with the new report and what he believes the real unemployment rate is today.