The drop in unemployment from 9.8% last month is good to see, but the number of jobs created was less than expected:
The economy created far fewer jobs that expected in December, suggesting the Federal Reserve will complete its asset buying program, but the unemployment rate dropped to its lowest in more than 1-1/2 years.The President will be making remarks about these new numbers later today at a company in Landover, Maryland. He'll also announce that Gene Sperling will lead the National Economic Council. Mr. Sperling has been working with Tim Geithner at the Department of Treasury. In 2005, we learn via HuffPost Hill, Sperling supported Social Security privatization:
Non-farm payrolls increased 103,000, the Labor Department said on Friday, below economists' expectations for 175,000. Private hiring rose 113,000, while government employment fell 10,000.
However, overall employment for October and November was revised to show 70,000 more job gains than previously reported. The unemployment rate fell to 9.4 percent, the lowest since May 2009, from 9.8 percent in November.
GENE SPERLING BACKED PRIVATE RETIREMENT ACCOUNTS DURING SOCIAL SECURITY FIGHT - Back in January 2005, when Democrats were united to fend off Bush's Social Security privatization plan, Gene Sperling jumped out to give the idea of private accounts his progressive blessing. "The president and progressives could both protect Social Security's guaranteed benefit and promote ownership with a new Universal 401(k) that offers all Americans a private retirement account on top of Social Security, and uses government funds to match contributions made by middle income and lower-income workers." And Sperling's the progressive guy. [READ IT AND WEEP]
