There is so much bad news in the jobs report released today that even the administration is going to have a hard time finding the pony in this manure pile.
Don Lee of the LA Times:
The U.S. economy shed a larger-than-expected 85,000 jobs in December, a disappointing finish to a year that saw more than 4 million jobs disappear, according to a government report today.The unemployment rate last month held steady at 10% last month, but only because more people dropped out of the workforce.
Economists were expecting the nation's total payrolls in December to show virtually no change from November, when the economy added a net 4,000 jobs, according to revised figures released today by the Bureau of Labor Statistics. Previously, the government said employers cut 11,000 jobs in November.
The difference is statistically insignificant. More important is the trend line, and the net job losses in December suggest that a rebound in hiring has yet to materialize despite a recovery in the broader economy.
[...]
Nearly all of the job losses last month were due to cuts in manufacturing and construction the two industries that have borne the brunt of the employment declines over the last two years.In a positive sign, the temporary-help industry, considered a harbinger of broader hiring, continued to add jobs at the end of last year. But the average weekly work hours in December was unchanged at 33.2, near a record low, suggesting that employers remain reluctant to increase labor at a time of uncertainty.
With all the people who have quit looking for work, the real unemployment rate tops 17%. Perhaps the most shocking number was the 4 million jobs lost over the last year. Most of those jobs are gone for good, unlike in past recessions where there would be furloughs and lay offs resulting in eventual recall of many workers. That isn't happening this time which will make recovery in the job market a long, slow process - especially given the Democrat's hostility to small business job creation.
Even the so-called good news is transient. Many of those part time jobs were holiday adds which have now ended. Another boost will come next month when the Census Bureau starts hiring temporary workers - a million altogether. Those jobs too, will eventually disappear.
And in the midst of all this, the Democrats are actively seeking to make it more expensive to hire new workers by foisting national health insurance mandates on business.
I'm so glad we have a "smart" government now, aren't you?
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