US Economy Loses Another 85,000 Jobs in December 2009 … 10% Unemployment

How is that Obama jobs plan working these days? Economist predicted 8,000 job loss … the reality … 85,000!!!

So much for that economic recovery that the Obama Administration was trying to spin after last months jobs numbers. The US economy lost 85,000,  more jobs than expected in December, 2009 while the unemployment rate remained steady at 10 percent. What does this tell us? No one is still hiring.

The economy lost more jobs than expected in December while the unemployment rate held steady at 10 percent, as a sluggish economic recovery has yet to revive hiring among the nation’s employers.

The Labor Department said Friday that employers cut 85,000 jobs last month, worse than the 8,000 drop analysts expected.

A sharp drop in the labor force, a sign more of the jobless are giving up on their search for work, kept the unemployment rate at the same rate as in November. Once people stop looking for jobs, they are no longer counted among the unemployed.

When discouraged workers and part-time workers who would prefer full-time jobs are included, the so-called “underemployment” rate in December rose to 17.3 percent, from 17.2 percent in October. That’s just below a revised figure of 17.4 percent in October, the highest on records dating from 1994.

Remember just last month Obama and his state run media were quick to say that, “The nation’s employers not only have stopped eliminating large numbers of jobs, but appear to be on the verge of rebuilding the American work force.” Think they were a bit quick on the draw? The loss of 85,000 more jobs for Americans has a way of doing that.

Report may show first monthly job gain in 2 years … NOT!!!