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Unemployment Holds Steady Despite Fiscal Cliff Threat

The unemployment rate remained steady at 7.8 percent in December despite the looming threat of going over the fiscal cliff.

The nation's unemployment rate didn't rise in December, even though the overwhelming threat of going over the fiscal cliff loomed large throughout the month.

Unemployment remained steady at 7.8 percent, according to data released Friday, the Hartford Courant reported, and payroll grew by 155,000, slightly less than the 161,000 jobs created in November. 

The report predicts a 2 percent growth in the economy for 2013, which is not seen by experts as enough to make a significant impact in the recession.

That rate of growth will keep the country "just muddling through," Tom di Galoma, managing director at Navigate Advisors in Stamford told The Courant.

It could have been worse. Had Congress not come to a last-minute deal to avoid the fiscal cliff, taxes would have rose for almost everyone and thousands of people could have lost their unemployment benefits.

In Connecticut, the unemployment rate for November (the most current figures available) was 8.8 percent and, in Hamden, it was 8.4 percent

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Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors. Write a new post... What's up? Make an announcement, speak your mind, or sell something
Linda Lavelle May 18, 2013 at 11:49 am
The bull market continues because our currency continues to be devalued by the Feds' printing press.Read More In 2006 dollars it has not increased value at all. In addition, revenues have increased (due to the above) but companies' earnings remain mostly flat. Three cheers for a stagnant economy? Households have lost approx. $4000 each in wealth over the last couple of years.
Civil War re-enactors from Company A of the 11th Connecticut Volunteers.
Lisa Buchman (Editor) May 17, 2013 at 11:20 am
This looks so great, thanks Elise! Just curious what are the age ranges of participants—do anyRead More local teens re-enact? Thanks for posting this as an announcement, if you also post it to our calendar, it will stay there until the day of the event. Just click on events at the top of the page. Thanks!