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U.S. Job Losses in December Dim Hopes for Quick Upswing

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NY Times
Friday, January 8th, 2010

The United States economy lost more jobs than expected in December, tempering hopes for a swift and sustained recovery from the Great Recession.

The Labor Department said Friday that the economy shed another 85,000 jobs last month, but that the unemployment rate held steady at 10 percent.

In a surprise that highlighted the erratic nature of economic renewal, the government reported that 4,000 jobs were actually created in November — rather than a loss of 11,000 the government had originally projected — the first gain in nearly two years.

Though jobs were lost in December, the unemployment rate did not rise, an indication that more jobless workers had given up their search for work.

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This article was posted: Friday, January 8, 2010 at 10:47 am

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