Worst Jobs President Ever… Unemployment Jumps to 7.8% in December
Worst. Jobs. President since the Great Depression.
Unemployment rose to 7.8% last month.
The AP tries its best to put a positive spin on the news.
U.S. employers added 155,000 jobs in December, a steady gain that shows hiring held up during tense fiscal cliff negotiations in Washington.
The solid job growth wasn’t enough to push down the unemployment rate, which stayed 7.8 percent last month, according to the Labor Department’s report Friday. November’s rate was revised higher from an initially reported 7.7 percent.
Stock futures rose modestly after the report was released.
Robust hiring in manufacturing and construction fueled the December gains. Construction firms added 30,000 jobs, the most in 15 months. That likely reflects additional hiring needed to rebuild after Superstorm Sandy and also solid gains in home building that have contributed to a housing recovery.
Manufacturers gained 25,000, the most in nine months.
Even with the gains, hiring is far from accelerating. Employers added an average of 153,000 jobs a month last year, matching the monthly average in 2011. Employers added 1.84 million jobs in 2012, the same as the previous year.
According to the Bureau of Labor Statistics, Obama has the worst record of any President in the last 60 years. From 1948 until January 2009 when Obama took office, there has been a combined 39 months of unemployment above 8 percent. Since Obama took office we’ve had to endure 43 consecutive months of unemployment above 8 percent and no end in sight!
The overall unemployment rate for 18-29 year olds for December 2012 is 11.5 percent.