December job loss worse than expected

From the Chicago Tribune:

WASHINGTON – — The U.S. economy ended a dismal year for employment with an unexpectedly large drop of 85,000 jobs in December — dimming hopes of a quick upswing in hiring.The unemployment rate for the month was unchanged from November at 10 percent, the government said Friday, but that was only because droves of people — including many discouraged about the prospects of finding work — dropped out of the labor force and were no longer counted as unemployed.

“The increased number of discouraged workers is masking the true extent of joblessness,” said Anne Kim, economic program director at Third Way, a liberal policy think tank in Washington.

The latest report was all the more disappointing because the employment data for November raised hopes that the steep two-year-long employment decline had hit bottom. And revised figures released Friday showed the economy actually added a net 4,000 jobs in November instead of losing 11,000, as initially estimated.

Continue reading Jobs loss of 85,000 in December dashes rehiring hopes

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