Jan. 7, 2013 – NAFCU Chief Economist David Carrier said December brought a continued slow, steady improvement in employment figures, which will continue to be helped by a recovering housing market, loosening of credit and better vehicle sales.
“Uncertainty from the fiscal cliff negotiations didn’t derail hiring, and recovery efforts from Hurricane Sandy resulted in strong construction and manufacturing numbers for the month,” Carrier said Friday.
The Bureau of Labor Statistics on Friday reported an increase of 155,000 in December non-farm payrolls. November’s numbers were revised up 15,000 to 161,000; October's were revised down 1,000 to 137,000.
December’s unemployment rate was 7.8 percent, unchanged from November’s pace, as 192,000 workers entered the labor force. The private sector added 168,000 jobs, including 109,000 jobs in the service sector and 59,00 jobs in the goods-producing sector. The government sector shed 13,000 jobs.
Carrier said modest improvement overall in employment is expected to continue into 2013. For the full break-down on December employment data, get the Macro Data Flash report (login required).