December Jobs Report: Santa Brings More Pain
The Bureau of Labor Statistics has spoken on jobs and the word is: not so fast. We wanted so badly to see a plus sign on the job creation front in December, but alas, it was not to be. Santa slashed 85,000 positions, but hark - there was a bit of good news. The previous two month's were revised. October saw more job losses (-111,000 to -127,000), but November moved from -11,000 to +4,000..... In the fourth quarter of 2009, employment losses averaged 69,000 per month, compared to job losses of 691,000 a month in the first quarter of last year. Remember last January, when the economy lost 741,000 jobs? Now that was scary.