Friday, January 10, 2014
Job creation at 3 year low
Disregard the 6.7% unemployment rate on which the media will want to focus. Today's employment numbers were a horrendous disaster. The unemployment rate dropped from 7% to 6.7% because than labor force participation rate dropped by to 62.8 percent, tied for its lowest reading since 1978. In the month of December the economy added a paltry 74,000 jobs, less than half of the projected 200,000. Another bad sign: Hours worked edged down slightly, to 34.4 hours per worker. One month does not a trend make but falling off a cliff such as in this case will cause economists to openly question the strength of the alleged recovery. Today's job creation numbers were the worse in three years.