Jobs were Created, and then Lost in December: Dr Boyce Money

The government reports a loss of 85,000 jobs in December 2009, a much greater loss than expected. Economists had originally expected no gain or loss in payroll during the last month of the year. In contrast, 11,000 jobs were lost in November, though the payroll number for this month was revised to reflect a net gain of 4,000 jobs. This adjustment may serve as a small glimmer of hope.
Some economists are hopeful. "I don't see this as a setback. We're still on the right trend here," said Tig Gilliam, CEO of Adecco Group North America, a unit of the world's largest employment staffing firm. Gilliam expects job growth to resume between now and March of this year and says "Our clients are still cautious, still concerned about the strength of the recovery," he said. "But they're much more focused on adding resources." Other economists are not so optimistic about the situation. "There is still plenty to be concerned about. Layoffs have clearly slowed but hiring shows few signs of accelerating," said Mark Vitner, senior economist with Wells Fargo Securities. The unemployment rate still hovers at 10% for the month of December.

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Employment Around Globe

A woman casts her ballot in the referendum for more autonomy from France in Fort-de-France, Martinique, Sunday, Jan. 10, 2010. Voters in Martinique and French Guiana overwhelmingly rejected the proposal to give local government more autonomy to make decisions in areas such as development, education and employment, while remaining part of France. (AP Photo/Wilfrid Tereau)

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Jobs Around the World

Chinese employers work at Ombaka stadium in Benguela on January 11, 2010, where the matches of the group C gathering Egypt, Nigeria, Mozambique and Benin, will take place as part of the 2010 African Nations Cup football tournament. Police in Angola grilled two suspects today after a deadly shooting attack by separatist rebels on the Togolese team which cast a long shadow over the start of Africa's premier football tournament. AFP PHOTO / KHALED DESOUKI (Photo credit should read KHALED DESOUKI/AFP/Getty Images)

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File -- Vacant land and a huge concrete slab is all that remains of the 130-acre General Motors auto plant complex known as Chevy-in-the-Hole in Flint, Mich., Wednesday, April 8, 2009. At its peak, the factories employed thousands. Now, all but one of the 20 factories and buildings in the industrial valley have been closed and torn down. (AP Photo/Carlos Osorio)

In this Jan. 5, 2010 photo, Jessica Moore, third from left, editor and publisher of Teen Voices Magazine, listens to peer leaders and teen editors, from left, Agostinha DePina, 17, Reynelle Dickson, 16, and Sally Nguyen, 18, in Boston. Moore, 34, had been steadily employed since graduating from college more than 10 years ago. But last March, she found herself unemployed for the first time after her job was cut as Web site designer in New York. (AP Photo/Elise Amendola)

In this Jan. 5, 2010 photo, Jessica Moore, 34, editor and publisher of Teen Voices Magazine, poses at her desk in Boston. Moore had been steadily employed since graduating from college more than 10 years ago. But last March, she found herself unemployed for the first time after her job was cut as Web site designer in New York. (AP Photo/Elise Amendola)

The "underemployment" rate, representing those who desire full-time jobs but cannot find ones that they want o work, rose to 17.3% from 17.2% in November. That's 9.2 million Americans stuck in part-time positions, but seeking full-time work. Most economists do agree that the recession ended during the course of 2009 and say that the labor force takes longer to turn that the general economy.

With over 700,000 jobs lost during the month of January, the US witnessed the worst one-month job loss total in 60 years. Things are getting better, and I am a firm believer in the strength of the American economy. At the same time, we must realize that recessions don't automatically come to an end. Japan is a great example of this, as its bubble burst in 1989 and the economy is still recovering. This is referred to as the two "lost decades" of the Japanese economy. Let's hope that Federal Reserve Chairman Ben Bernanke can do a better job than this.