It’s that time of month again! Per the Department of Labor, employers added 74,000 jobs in December which isn’t exactly a reason to rejoice.
Per Forbes, economists were anticipating 197,000 new jobs. Yikes.
As for the somewhat good news? The unemployment rate dropped from seven percent to 6.7. We say somewhat because the unemployment survey takes people into account who actually seek employment. People who are frustrated or distracted by the holidays may have left the labor market in December. Also, labor force participation dropped from 63 percent to 62.8 percent, the lowest rate in over 30 years.
Mark Hamrick, Washington bureau chief of Bankrate.com, told Forbes, “This has been a two steps forward and one step back recovery.”