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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 dent 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
Eric T Gray May 17, 2013 at 03:54 pm
Jessica, what do you mean 'when society lets them down'? I'm struggling to understand what you areRead More trying to convey... Please elaborate if you can.
Most Popular Poster May 17, 2013 at 02:03 pm
"Bethel teachers are not only educating students, but when society lets kids down, it’sRead More teachers who step in to fill the gap." Explain to me how an average salary of $60,000 per year for working 183 days during that year and an EXTREMELY generous retirement package (compared to the 240 a year the rest of us have to work) considered "society letting them down"?
Most Popular Poster May 17, 2013 at 09:42 am
It was a great job Mike and the EDC did on keeping the jobs from Cannondale from leaving Bethel. TooRead More bad Paul Z. won't have the guts to ask you about it on this "lively" show.
Princess Pea May 17, 2013 at 12:26 am
Billy: Since I don't own a beat up 1998 Honda (rather, a non-beat up, rather nice, rather newRead More European sedan) does that mean I would have been immune to the seduction of the reduction in my property taxes? Just trying to follow your logic here...