The December Employment Report
It looks like the Old Media Economy Talkdown may finally be having its desired effect.
The unemployment rate rose to 5.0 percent in December, while nonfarm payroll employment was essentially unchanged (+18,000), the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Job growth in several service-providing industries, including professional and technical services, health care, and food services, was largely offset by job losses in construction and manufacturing. Average hourly earnings rose by 7 cents, or 0.4 percent.
There’s not a lot of solace in reported prior-month revisions:
- November’s reported job increase of 94,000 was revised upward to 115,000, an increase of 21,000.
- October’s job increase was revised downard from 170,000 to 159,000, a decrease of 11,000.
- Thus 28,000 more people (+18 +21 - 11) were estimated to be working in December than in November.
On the brighter side, the average hourly earnings number was pretty decent, and continues a trend of staying ahead of annual inflation. The Wall Street Journal (link requires subscription) says “That was up 4.3% from a year earlier, indicating some pressure on wage costs from relatively tight labor markets.”
If this is indeed the beginning of a slowdown, it argues for a stimulative tax cut. If there’s another silver lining to this, you would think that this would make the huge tax increases that are being discussed by the congressional majority less palatable.
It seems that teenagers (.7% increase), Blacks and Hispanics (both at .6% increase) took the brunt of the unemployment increase.
Lucky them, so how does it feel, MSM, that you skewered the most vulnerable in society just to satisfy your BDS? Rejoicing at the misery of others is not a sign of goodness.
Comment by dscott — January 4, 2008 @ 2:26 pm