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Employers Cut 85,000 Jobs in December, Unemployment Rate Unchanged
U.S. employers unexpectedly cut 85,000 jobs in December,
dampening hopes that a labor market recovery is pending,
while the unemployment rate remained at 10%. However,
November payrolls were revised to show the economy actually
added 4,000 jobs rather than losing 11,000 as originally
reported. That revision breaks a streak of consecutive
monthly job losses that dates back to December 2007.
Despite the payroll cuts, the unemployment rate stayed
unchanged because a large number of people left the labor
force. The government report showed there were 929,000
"discouraged workers" who had given up looking for a job, up
from 642,000 a year earlier. If they were still looking for
work and counted as the unemployed, the unemployment rate
would have risen. An even broader measure of unemployment,
which includes discouraged workers and those working
part-time, grew to 17.3% in December from 17.2% the prior
month. A persistently high unemployment rate may stifle
consumer spending and undermine the economic recovery,
particularly after government stimulus programs are phased
out.
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Date Last Updated: 01/14/2010
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