Our View: More of the same
Posted: January 5, 2013
Another First Friday, another uninspiring jobs report.
The unemployment rate, quietly bumped up a tick from its November reading, remained static at 7.8 percent, as but a mere 155,000 new jobs were added in December.
What does this tell us? We just might be in for another year of anemic growth. That 155,000 figure was but a shade above the average monthly payroll increase (153,000 jobs) for the entire year.
At this rate, notes Jim Pethokoukis of the American Enterprise Institute, courtesy of the Hamilton Project’s Jobs Gap calculator, America will not attain pre-recession employment levels until 2025.
And that assumption, we hasten to add, is based on the economy not tanking totally as a result of Washington’s failure to put our fiscal house in order. Optimism on that score comes hard these days.