Despite nerve-racking discussion over the fiscal cliff, the latest Jobs Report numbers paint a pleasant picture for our economy’s future. December showed solid job growth by adding 155,000 jobs—bringing the total number of jobs added in 2012 to 1.8 million and giving us an average of 153,000 jobs added per month. Consequently, we saw a modest rise in the stock market today.
Uninspired by the added job growth, the unemployment rate remained unchanged at 7.8%— after a 0.1% revision in November’s number. The number of long-term unemployed continues to sit at 4.8 million, which makes up 39.1% of the total unemployed.
As a welcomed change after months of little change, manufacturing gained 25,000 jobs this month. Other industries that saw growth were Health Care employment (+45,000), Construction (30,000+), and Food Services and Drinking places (38,000+), and an estimated 150,000 new jobs were added by staffing firms.
While the numbers in this month’s report may not be overwhelming, many are relieved that employers remained stable through the heated discussion of tax hikes and government spending cuts.