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Sunday, January 07, 2007

Unemployment Holds in December

Unemployment held at 4.5% in December as the United States added 167,000 jobs.  Researchers do not yet see a link to a housing and construction slow down impacting unemployment numbers.

This closes out the year with an average unemployment rate of 4.6% down 0.5% from 2005's 5.1 percent rate of unemployment.

The average hourly rate also increased in December up 4.2 percent to $17.04. 

To close out the year the country added 1.8 million jobs in 2006.  Hiring was not focused on any individual sectors even though manufacturing jobs continued to see a decline.  All other job performance sectors seemed very strong with Health Care and Restaurants and Bars seeing 300k plus additions each covering more than one third of the total gains for the year.