Rising unemployment in December confirms deep recession
Marla Guthrie
Dec. 30, 2007

In the month of December, the employers added close to 60,000 jobs far less than last month’s and way lower than the numbers in the beginning of 2007.

Payrolls rose by 60,000 after increasing 94,000 in November, according to the market expectations. The analytic and quantitative models point to a further lower number.

The unemployment rate notched up 0.1 to 4.8. The rising unemployment rate from 4.4 to 4.8 in any business cycle sends a serious warning signal. Residential construction has fallen for seven consecutive quarters, weakening job growth as builders, mortgage companies and manufacturers reduce staff. The slowing housing sector is a big reason to believe that the economy is in recession.

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