Labor Market Most Likely Held Up in December, Economists Project

Business

0  Updated at 2:52 pm, December 30th, 2012 By: ABC Digital
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Tim Boyle/Getty Images(NEW YORK) — Economists say employers most likely added jobs in December at roughly the same pace as November, demonstrating that the U.S. labor market held up amidst wrangling in Washington over the fiscal impasse, Bloomberg News reports.

The median forecast of 54 economists surveyed by Bloomberg before Jan. 4 Labor Department figures shows that payrolls rose by 150,000 workers after a 146,000 gain in November. The unemployment rate may have remained at 7.7 percent, the lowest since December 2008. Faster hiring was inhibited by the possibility of over $600 billion in tax increases and government spending cuts in 2013, the paper says.

Other reports this week that are expected to demonstrate stability in manufacturing and growth in the services industry signal a strong economy, according to Bloomberg.

Copyright 2012 ABC News Radio



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