Jaws Drop Over December Jobs Report
Unemployment rate down to 6.7%, but meager 74K jobs were added
By Evann Gastaldo, Newser Staff
Posted Jan 10, 2014 7:50 AM CST
In this Nov. 14, 2013, file photo, retired US Air Force Master Sgt. Thomas Gipson, of Atlanta, right, has his resume looked over during a job fair for veterans at the VFW Post 2681, Marietta, Ga.   (Associated Press)

(Newser) – A pretty dismal number on today's jobs report: Just 74,000 jobs were created in December, the smallest monthly increase in three years; economists had expected 200,000. And while the unemployment rate fell to 6.7% from 7.0%, it was "for all the wrong reasons," writes Steven Russolillo at the Wall Street Journal. Specifically, the big drop can be explained by the fact that the participation rate fell to a new low of 62.8%, meaning fewer people were looking for work.

The AP reports that cold weather could have played a role in the poor numbers, noting that construction firms cut 16,000 jobs—the largest drop in 20 months. One silver lining from the report: November's new jobs were revised upward to 241,000 from 203,000. And Russolillo writes that the same could happen here. "Something doesn’t smell right. This jobs number is so far out of whack from the recent economic data that have come out. Jobs data have been getting stronger for months, not to mention improvements in growth, housing, and manufacturing figures. Don't be surprised if this report gets revised higher in the coming months."

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TheJman
Jan 13, 2014 6:24 AM CST
Obamacare is the wet blanket on our economy...it prevents businesses from expanding, cuts employee's hours, and will doube the average person's health insurance costs (unless you're a non-working liberal who gets everything for free) causing people to spend less thus keeping the economy down. Of course this is all by design so the democrats continue having government dependent voters!
kawahchan
Jan 12, 2014 12:18 PM CST
(R) 2016 Gov. RICK PERRY Report: Not really, Obama's Economics 001 idle since 2008, a black man took office in White House till 2014.
Eco_101
Jan 12, 2014 10:32 AM CST
Everybody wants a pay raise. But no one is willing to work for it.