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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 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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Maria Giannuzzi May 24, 2013 at 07:06 pm
Politicians are not CEOs. Elected officials are not CEOs. The comparison is not appropriate, butRead More it does fit with Mr. Morici's misplaced CEO worship. The criticisms may be valid, but they must be examined as political or legal criticisms. The government as a business comparison only increases the power of the corporate state. I also note that Mr. Morici's credo which he attributes to President Obama, "We’ll do as we please, stop us if you can" is a very accurate portrayal of predatory capitalism.
MAC May 24, 2013 at 01:23 pm
Maria, your dismissive and divisive 'analysis' ignores the fact that POTUS is anRead More "executive" position, also "Commander-in-Chief" of the military! O had exactly ZERO "executive" experience, which--along with his anti-business and anti-America views--explains his failures. Mr. Morici's assessment of O's job performance is perfectly pragmatic and relevant, while your doting worship of the "Agitator-in-Chief" is rather pathetic, as well as being irrelevant.
Maria Giannuzzi May 24, 2013 at 12:40 pm
The author of the article quoted endlessly above is Peter Morici, a Professor of InternationalRead More Business at the University of Maryland. I suppose he is to be forgiven if he sees everything through a business lens, after all it has given him a very comfortable livelihood for decades. But it is still a faulty lens on this topic and he should know better.