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Economy loses 85K jobs as employers remain wary
WASHINGTON – Lack of confidence in the economic recovery led employers to shed a more-than-expected 85,000 net jobs in December even as the unemployment rate held at 10 percent. The rate would have been higher if more people had been looking for work instead of leaving the labor force because they can't find jobs.
The sharp drop in the work force — 661,000 fewer people — showed that more of the jobless are giving up. Once people stop looking for jobs, they're no longer counted among the unemployed.
When discouraged workers and part-time workers who would prefer full-time jobs are included, the so-called "underemployment" rate in December rose to 17.3 percent, from 17.2 percent in November. That's just below a revised figure of 17.4 percent in October, the highest on records dating from 1994.
Many analysts had hoped Friday's report would show the economy gained jobs for the first time in two years. While the revised figures found an increase in November, it was tiny.
"One word sums it up: Disappointment," said Jonathan Basile, an economist at Credit Suisse.
Referring to the drop in the labor force, Basile said, "that tells me that Main Street doesn't believe there's a recovery yet, because they're not out looking for jobs yet."
http://news.yahoo.com/s/ap/20100108/ap_on_bi_go_ec_fi/us_economy
i hope this changes, sooner rather than later....
perhaps the sen. from nebraska is right, obama should have focused more on the economy
WASHINGTON – Lack of confidence in the economic recovery led employers to shed a more-than-expected 85,000 net jobs in December even as the unemployment rate held at 10 percent. The rate would have been higher if more people had been looking for work instead of leaving the labor force because they can't find jobs.
The sharp drop in the work force — 661,000 fewer people — showed that more of the jobless are giving up. Once people stop looking for jobs, they're no longer counted among the unemployed.
When discouraged workers and part-time workers who would prefer full-time jobs are included, the so-called "underemployment" rate in December rose to 17.3 percent, from 17.2 percent in November. That's just below a revised figure of 17.4 percent in October, the highest on records dating from 1994.
Many analysts had hoped Friday's report would show the economy gained jobs for the first time in two years. While the revised figures found an increase in November, it was tiny.
"One word sums it up: Disappointment," said Jonathan Basile, an economist at Credit Suisse.
Referring to the drop in the labor force, Basile said, "that tells me that Main Street doesn't believe there's a recovery yet, because they're not out looking for jobs yet."
http://news.yahoo.com/s/ap/20100108/ap_on_bi_go_ec_fi/us_economy
i hope this changes, sooner rather than later....
perhaps the sen. from nebraska is right, obama should have focused more on the economy
