Employers cut more jobs than expected in December 2009

The U.S. unemployment rate held steady at 10 percent in December 2009 as employers cut 85,000 jobs. Analysts were expecting a decline of about 10,000 jobs.

The sharp drop reportedly is a sign that more jobless people have stopped looking for work. The number of unemployed people is about the same as in November—15.3 million.

On a positive note, the Bureau of Labor Statistics revised November 2009 data; the economy gained 4,000 jobs that month instead of losing 11,000 jobs. That is the first monthly improvement since the recession began two years ago.

Additionally, temporary hiring jumped significantly, increasing 46,500.

In December 2009, construction companies cut 53,000 jobs compared with 27,000 jobs in November 2009. Additionally, manufacturing cut 27,000 jobs and retail cut 10,000 jobs.

The health care sector added 22,000 jobs in December 2009.

Date : 1/11/2010