News / Economy

    Official Says Latest Figures Show US Economy 'Healing'

    VOA News
    The U.S. economy had a net gain of 155,000 jobs in December, while the unemployment rate remained at 7.8 percent.

    Friday's report from the Labor Department says many of the job gains were in manufacturing, construction and health care.

    Government experts made an upward revision to November's unemployment rate, which originally was reported as 7.7 percent.-

    Click to enlargeClick to enlarge
    x
    Click to enlarge
    Click to enlarge
    Just over 12 million people are counted as unemployed in the United States.  Nearly five million of them have been out of work for 27 weeks or more.  

    The chairman of President Obama's Council of Economic Advisers, Alan Krueger, says "work remains to be done" to cut the jobless rate, but this new report shows the economy is "healing."

    But economist Alan Levenson says at the current pace of job creation it will take more than a year to get jobless rate down to a healthy rate of 6 or 6.5 percent.  He is the chief economist for T. Rowe Price, a financial firm in Baltimore.

    "We are creating enough jobs to lower the unemployment rate half a percentage point every 12 months," Levenson said.

    US Hiring Steady in December Despite Fight Over Fiscal Cliffi
    X
    January 04, 2013 11:37 PM
    The US job market held steady with employers adding 155 thousand jobs last month. While job gains in December were not big enough to reduce the nation's unemployment rate, analysts say it suggests employers were not spooked by the political bickering in Washington over the fiscal cliff. But as Mil Arcega reports, a bigger budget battle may be just around the corner.
    Professor Phillip Swagel of the American Enterprise Institute says job growth has been steady over the past few months, but he adds that Washington's prolonged political wrangling over spending and taxes - the "fiscal cliff" - and worries about the national debt may have slowed the economy's improvement.

    "It has got to be the case that the policy uncertainty, the political bickering, has affected spending both by businesses and consumers, and this affected hiring.  But you are right.  We don't see it.  The job growth has been relatively steady.  What might be the case is that this is the 'dog that didn't bark,' that hiring would be higher - 200,000 or maybe 250,000 jobs a month - were it not for the uncertainty caused by the policy tussles," Swagel said.
     
    Economist Kevin Dunning says it is remarkable that we had even this much job growth at a time when politics in Washington made the outlook on taxes and government spending unclear for businesses and consumers.

    "In that context, I think the latest jobs report is fairly upbeat, in the sense that it shows that businesses didn't pull back from hiring," Dunning said.
    Dunning tracks business and economic trends in the United States for the Economist Intelligence Unit.

    You May Like

    Post-White House, Obamas to Rent Washington Mansion

    Nine-bedroom home is 3 kilometers from Oval Office, near capital's Embassy Row; rent estimated at around $22,000 a month

    Red Planet? Not so much!

    New research suggest that Mars is in a warm period between cyclical ice ages, and that during Ice Age Maximum over 500,000 years ago, the red planet was decidedly ice, and much whiter to the naked eye.

    Taj Mahal Battles New Threat from Insects

    Swarms of insects are proliferating in the heavily contaminated waters of the Yamuna River, which flows behind the 17th century monument

    This forum has been closed.
    Comments
         
    There are no comments in this forum. Be first and add one

    Featured Videos

    Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
    Vietnamese-American Youth Optimistic About Obama's Visit to Vietnami
    X
    Elizabeth Lee
    May 22, 2016 6:04 AM
    U.S. President Barack Obama's visit to Vietnam later this month comes at a time when Vietnam is seeking stronger ties with the United States. Many Vietnamese Americans, especially the younger generation, are optimistic Obama’s trip will help further reconciliation between the two former foes. Elizabeth Lee has more from the community called "Little Saigon" located south of Los Angeles.
    Video

    Video Vietnamese-American Youth Optimistic About Obama's Visit to Vietnam

    U.S. President Barack Obama's visit to Vietnam later this month comes at a time when Vietnam is seeking stronger ties with the United States. Many Vietnamese Americans, especially the younger generation, are optimistic Obama’s trip will help further reconciliation between the two former foes. Elizabeth Lee has more from the community called "Little Saigon" located south of Los Angeles.
    Video

    Video First-generation, Afghan-American Student Sets Sights on Basketball Glory

    Their parents are immigrants to the United States. They are kids who live between two worlds -- their parents' homeland and the U.S. For many of them, they feel most "American" at school. It can be tricky balancing both worlds. In this report, produced by Beth Mendelson, Arash Arabasadi tells us about one Afghan-American student who seems to be coping -- one shot at a time.
    Video

    Video Newest US Citizens, Writing the Next Great Chapter

    While universities across the United States honor their newest graduates this Friday, many immigrants in downtown Manhattan are celebrating, too. One hundred of them, representing 31 countries across four continents, graduated as U.S. citizens, joining the ranks of 680,000 others every year in New York and cities around the country.
    Video

    Video Vietnam Sees Strong Economic Growth Despite Incomplete Reforms

    Vietnam has transformed its communist economy to become one of the world's fastest-growing nations. While the reforms are incomplete, multinational corporations see a profitable future in Vietnam and have made major investments -- as VOA's Jim Randle reports.
    Video

    Video Qatar Denies World Cup Corruption

    The head of Qatar’s organizing committee for the 2022 World Cup insists his country's bid to host the soccer tournament was completely clean, despite the corruption scandals that have rocked the sport’s governing body, FIFA. Hassan Al-Thawadi also said new laws would offer protection to migrants working on World Cup construction projects. VOA's Henry Ridgwell reports.
    Video

    Video Infrastructure Funding Puts Cambodia on Front Line of International Politics

    When leaders of the world’s seven most developed economies meet in Japan next week, demands for infrastructure investment world wide will be high on the agenda. Japanese Prime Minister Shinzo Abe’s push for “quality infrastructure investment” throughout Asia has been widely viewed as a counter to the rise of Chinese investment flooding into region.
    Video

    Video Democrats Fear Party Unity a Casualty in Clinton-Sanders Battle

    Democratic presidential front-runner Hillary Clinton claimed a narrow victory in Tuesday's Kentucky primary even as rival Bernie Sanders won in Oregon. Tensions between the two campaigns are rising, prompting fears that the party will have a difficult time unifying to face the presumptive Republican nominee, Donald Trump. VOA national correspondent Jim Malone has more from Washington.
    Video

    Video Portrait of a Transgender Marriage: Husband and Wife Navigate New Roles

    As controversy continues in North Carolina over the use of public bathrooms by transgender individuals, personal struggles with gender identity that were once secret are now coming to light. VOA’s Tina Trinh explored the ramifications for one couple as part of trans.formation, a series of stories on transgender issues.
    Video

    Video Amerikan Hero Flips Stereotype of Middle Eastern Character

    An Iranian American comedian is hoping to connect with American audiences through a film that inverts some of Hollywood's stereotypes about Middle Eastern characters. Sama Dizayee reports.
    Video

    Video Budding Young Inventors Tackle City's Problems with 3-D Printing

    Every city has problems, and local officials and politicians are often frustrated by their inability to solve them. But surprising solutions can come from unexpected places. Students in Baltimore. Maryland, took up the challenge to solve problems they identified in their city, and came up with projects and products to make a difference. VOA's June Soh has more on a digital fabrication competition primarily focused on 3-D design and printing. Carol Pearson narrates.

    Special Report

    Adrift The Invisible African Diaspora

    World Currencies

    EUR
    USD
    0.8971
    JPY
    USD
    110.16
    GBP
    USD
    0.6811
    CAD
    USD
    1.3106
    INR
    USD
    67.378

    Rates may not be current.