Friday, January 7, 2011

The Employment Situation in December

Today’s employment report shows that private sector payrolls increased by 113,000 in December, capping 12 consecutive months of growth that added 1.3 million private sector jobs to the economy during 2010, the strongest private sector job growth since 2006. The unemployment rate fell 0.4 percentage point to 9.4 percent last month.

The overall trend of economic data over the past several months has been encouraging, due in large part to the initiatives passed by this Administration, but we still have a ways to go. The measures we worked with Congress to pass last month that continue tax cuts for the middle class and extensions to unemployment insurance are vital to sustaining the recovery. The Administration will also continue to focus on actions that the President has recommended to increase growth and job creation, such as providing incentives to encourage businesses to invest and hire here at home, investing in education and infrastructure, and promoting exports abroad.

In addition to the increases last month, the estimates of private sector job growth for October (now 193,000) and November (now 79,000) were revised up. Including today’s revisions, private sector employers have added an average of 128,000 jobs per month in the 4th quarter, the highest quarterly average in almost four years.

Continue reading: White House Blog

Posted by Austan Goolsbee on January 7, 2011 at 9:40 AM EST
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