Monday, January 11, 2010

US Unemployment Rate Holds at 10%

Despite about 85,000 jobs being cut, the US unemployment rate held at 10%. The rate remaining unchanged has more to do with the way in which the number is calculated then any improvements in the economy.

"U.S. employers cut 85,000 jobs in December, confounding expectations the labor market was finally stabilizing and piling pressure on President Barack Obama to spur job growth.

The jobless rate held steady at 10 percent, the Labor Department said on Friday, but it would have marched higher if a surprisingly large number of discouraged jobseekers had not left the labor force.

To put this in the contexts of the last few months; after rising to %9.5, 'fake' falling to %9.4 (Berman Post: US Unemployment Drops to 9.4 Percent), rising to %9.7, and then rising again to 9.8%, and rising again to 10.2%, dropping to 10%, and have held steady.

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