200,000 New Jobs in December

The unemployment rate drops to 8.5%.

Employment grew solidly last month and the jobless rate dropped to a near three-year low of 8.5 percent, offering the strongest evidence yet of an acceleration in economic activity.

Nonfarm payrolls increased 200,000 last month, the Labor Department said on Friday, the most in three months and way above economists’ expectations for a 150,000 gain.

The economy needs to sustain the current pace of job creation to signal a robust recovery is finally under way.

The unemployment rate dropped from a revised 8.7 percent in November, which was previously reported as 8.6 percent. The jobless rate is now the lowest since February 2009.

Since the recession officially ended 30 months ago, the economy has created 1.4 million jobs. In the 18 months before that, we lost 7.5 million jobs.

Posted by on January 6th, 2012 at 10:23 am

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.