WASHINGTON, DC-The Labor Department announced Friday morning that 200,000 jobs had been added to the economy in December, causing the unemployment rate to drop to 8.5% from a revised 8.7%. The Labor Department also revised the jobs added to the economy in November down from 120,000 to 100,000.
Despite the downward revision, December’s figures are clearly good news for the economy. Other measures as well are pointing to growth, from stronger manufacturing figures to more confident consumers.
Another measure that bodes well for the economy is the passage of the two-month extension of the payroll tax cut shortly before Congress recessed for the holidays. Many economists had assumed the tax cut would be extended when they made their projections for 2012.
Check back on GlobeSt.com for expanded coverage of the newly released Labor Department figures.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
