“The U.S. economy is just muddling through,” said Tom di Galoma, managing director at Navigate Advisors in Stamford, Connecticut. And that’s the optimistic take. The economy added 155,000 jobs in December which has been the average gain for the year. Reuters: The jobless rate held steady at 7.8 percent in December, down nearly a percentage point from a year earlier but still well above the average rate over the last 60 years of about 6 percent. The Labor Department raised its estimate for the unemployment rate in November by a tenth of a point to 7.8 percent, citing a slight change in the labor market’s seasonal swings.
By the numbers:
December numbers:12.2 million unemployed (little changed)
7.3% – Unemployment rate for women (up)
14.0% – Unemployment rate for blacks (up)
7.2% – Unemployment rate for adult men (little changed)
23.5% – Unemployment rate for teenagers (little changed)
6.9% – Unemployment rate for whites (little changed)
63.6% – Civilian labor force participation rate (little changed)
While we continue to print more Monopoly money worth nothing what people make is worth nothing. And again how many people gave up looking for a job in December? That should automatically be tacked on to the Unemployment numbers to give everyone a better picture of the TRUE unemployment rate.
Obama and his merry band of European Socialists continue to blow smoke up our collective asses that taxing the rich will bring more jobs. Uh, did the band every take an Economics course at some point? People of wealth in MOST cases made it themselves and when they have less of a tax burden they will put more capital in their businesses get some needed equipment and ultimately hire people.
Is it any simpler then that?