On Friday the Labor Department will release its latest report on employment and unemployment during the month of December. Most economic forecasters expect an okay report, but not one that is significantly better than the report in November. In fact, some are suggesting the unemployment rate may increase even from 7.0% to 7.1%, and the number of new jobs created might decline below 200,000. In contrast, I believe there’s every reason to be more optimistic than the average economic forecaster is. Based on the strong performance of the economy over the last several months, it is reasonable to expect more new jobs were created in December than the number in November (203,000), and the unemployment rate may fall below 7% for the first time in years. Why? Because virtually all important indicators, with the exception of automobile and truck sales, increased significantly over the last reporting period.
What’s new about the current phase of the economic recovery is all sectors are moving forward in sync. It’s like an automobile that is firing on all cylinders, rather than a few. This is not happened in the four and one-half years since the great recession ended.
ADP jobs report indicates 215,000 new jobs were created in November. This is good news for the economy but perhaps not so good news for the stock market. This is because it suggests the Fed may end its bond buying program, which keeps interest rates low in order to accelerate investment and spending.
Fifty years after the historic March on Washington (MOW), its designation as a “March for Jobs and Freedom” haunts us as a reminder of an unfinished agenda in the ongoing battle for justice and equality for African Americans. In this first of a 2 part article, the author focuses on the unfinished economic agenda.
The Labor Department’s March jobs report was a bad outcome. The market expected 190,000 new jobs to be created. Instead, only 95,000 jobs were added. The stock market euphoria was premature as the economy must now deal with the real effects of sequester.
The January growth in jobs was disappointing and unemployment increased to 7.9%. The slow growth is caused by the political gridlock over the budget deficit which has dampened consumer confidence, decreased business investment and reduced personal spending.
The new jobs report December 2012 suggests little progress was made in job creation over the last month. The unemployment rate for December and November was 7.8%. After surprising declines over the last five months, decreases in unemployment have stopped.
Video of Gazelle Index CEO Danny Boston on the November Jobs Report. The economy created 146,000 jobs in November; twice as many as were predicted and unemployment declined to 7.7%.
The November Labor Department Jobs Report was a surprise showing the economy created 146,000 jobs, even more than in October. The unemployment rate declined to 7.7% overall, 6.8% for whites and 13.2% for blacks.