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Breaking down December jobs report
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What do latest numbers reveal?
- Duration 3:32
- Date Jan 4, 2013
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Transcript
This transcript is automatically generated
Generally and I'm John Scott the fiscal cliff fiasco in Washington apparently didn't -- too many businesses employers added 155000.
Jobs in December but.
Even with those gains hiring was not strong enough to cut the nation's high unemployment rate -- which remains at seven point 8%.
The White House issuing this statement about the news quote.
While more work needs to be done today's unemployment report provides further evidence that the US economy is continuing to -- From the wounds inflicted by the worst downturn since the Great Depression.
Top Republicans speaking out as well house speaker John Boehner saying quote.
Too many Americans are still out of work and Washington has too much debt.
Our oversized.
And -- federal government is a drag on economic growth and job creation.
And has burden every American with a 50000 dollar share of its debt and rising.
Meantime the Dow is responding to that jobs report up about four points but it's been fluctuating on either side of the flat line.
Joining us now for some reaction Bob O'Brien better business reporter and a former columnist at Barron's Magazine -- seven point 8% is the number Bob what's your take.
Well John it's a little bit.
A sister gifts are nothing -- nothing to get excited about but nothing to be.
Too disappointed about basically what it says it is.
There were on -- same trajectory.
That we pin on for several months which is.
A little bit of growth.
A little bit of improvement in the economy but would not creating jobs at nearly the level.
Do we need to do in order to try -- -- full scale recovery go.
Yeah how we added a 155000.
Job isn't -- generally agreed that that number is is the number you need to add just to keep up with population growth.
Yeah infect John with probably a little lower than what you need to.
-- just to replace the people that are coming into the work force so.
We're we're effectively moving backwards.
Rather than four words.
It again this trend is to the outside.
-- -- longer to the downside but.
We're not whenever impressing anybody with the numbers oversee and interest -- to the November number which came out just before President Obama was reelected that number was revised up in other words it went up to seven point 8% for November.
He out went up it wouldn't.
-- the unemployment rate.
What a little bit higher -- Jobs created also.
-- a little bit higher soul.
A mixed bag on on exactly what we -- Out of this in November numbers but.
You know if you think back to where we were four -- five years ago.
And I hate to echo the White House because the White House is still blaming the Bush Administration.
For everything that was going -- however.
We were seeing revisions.
Literally hundreds of thousands.
To the negative so.
-- seeing these kind of incremental changes.
Is in a way a little bit reassuring.
At a 155000.
Is right on track -- Exactly where we -- over the course of the last days seems like we're treading water Bob O'Brien it's great to have you on thank thank you John.
