Unemployment Stays at 7.8% for December
Jan 4th 2013 11:36AM
Updated Jan 4th 2013 11:44AM
The unemployment rate remained steady at 7.8% for December, according to a Department of Labor report [opens in PDF] released today. Nonfarm payroll employment rose by 155,000, enough to offset net new entrants into the labor market without raising the overall unemployment rate.
Although December's rate failed to improve off November's revised 7.8% rate, it's 0.7 percentage points below December 2011's 8.5% unemployment. Unemployment fell from 8.1% in August 2012 to 7.8% in September and ticked to 7.9% in October.
Among sectors with the largest employment gains were health care (+45,000), food services and drinking places (+38,000), construction (+30,000), and manufacturing (25,000).
Unemployment rates by age, sex, and ethnicity remain relatively unchanged from a year ago. The department reported the unemployment rates for adult women at 7.3% and adult men at 7.2%, while teenagers notched 23.5%. The report showed unemployment rates among the races as blacks (14%), whites (6.9%), Hispanics (9.6%), and Asians (6.6%).
This month's report, the last for 2012, also marks the Department's annual revision of previous unemployment rates to account for more accurate seasonal adjustment. Most notably, this means that November's previous 7.7% rate is now recorded as 7.8%.
The article Unemployment Stays at 7.8% for December originally appeared on Fool.com.You can follow Justin Loiseau on Twitter, @TMFJLo, and on Motley Fool CAPS, @TMFJLo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.