US economy added 1,55,000 jobs in December

The US economy added jobs in December at around the same pace as in November and showed stability, even during eleventh-hour negotiations in Congress over tax increases and spending cuts.

Nonfarm payrolls were up 1,55,000, and the unemployment rate was 7.8 per cent, the labor department reported yesterday. Over the last 12 months, the unemployment rate has fallen 0.7 of a percentage point overall.

The number of unemployed stood at 12.2 million, changing little, with the 7.8 per cent unemployment rate remaining at, or near that level since September. The rate for November was revised up from an initially reported 7.7 per cent.

According to the government, hiring was stronger in the previous month than first thought. The job gains for November were revised up 15,000 to 161,000, while October remained unchanged at 137,000.

Private-sector hiring growth came in at 168,000 jobs in December, with health care adding 55,000 jobs, and restaurants and bars gaining 38,000 last month.

Construction added 30,000 jobs, including residential and nonresidential construction jobs, while manufacturing increased by 25,000.