Unemployment Holds Steady Despite Fiscal Cliff Threat

The unemployment rate remained steady at 7.8 percent in December despite the looming threat of going over the fiscal cliff.

The nation's unemployment rate didn't rise in December, even though the threat of going over the fiscal cliff loomed large throughout the month.

Unemployment remained steady at 7.8 percent, according to recent data, the Hartford Courant reported, and payroll grew by 155,000, slightly less than the 161,000 jobs created in November. 

The report predicts a 2 percent growth in the economy for 2013, which is not seen by experts as enough to make a significant dent in the recession.

That rate of growth will keep the country "just muddling through," Tom di Galoma, managing director at Navigate Advisors in Stamford told The Courant.

It could have been worse. Had Congress not come to a last-minute deal to avoid the fiscal cliff, taxes would have rose for almost everyone and thousands of people could have lost their unemployment benefits.

In Connecticut, the unemployment rate for November (the most current figures available) was 8.8 percent.

Bruce Farmer January 09, 2013 at 08:44 PM
In my opinion,unemployment numbers for Ct. and the U.S. are much worse then the numbers reported by this reporter. They do not take into account the following facts: - many jobs included were seasonal -many folks no longer get unemployment insurance and are off the rolls -millions are underemployed -millions are only working part time -thousands age 62 and above have given up and applied for early social security Lets see - that puts us at about 14% !!


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