This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Steady US Hiring Expected Last Month Despite Cliff


WASHINGTON (AP) â¿¿ U.S. employers likely kept hiring last month at a modest but steady pace, despite tense negotiations that pushed the economy to the brink of the fiscal cliff.

Economists forecast that employers added 155,000 jobs in December, according to a survey by FactSet. That would be slightly higher than November's 148,000. The unemployment rate is projected to remain at 7.7 percent.

Stable hiring would mean the job market held up during the talks between Congress and the White House over tax increases and spending cuts that were not resolved until the new year.

A trio of encouraging reports Thursday on private hiring and layoffs suggested companies did not panic last month, although the Labor Department report will offer a more accurate measure of how businesses responded to the uncertainty in Washington.

"Given that we have restraints, the labor market data do appear to be improving," said Dana Saporta, an economist at Credit Suisse.

While Congress and the White House reached a deal this week that removed the threat of income tax increases on most Americans, they postponed the more difficult decisions on cutting spending. And the government must also increase its $16.4 trillion borrowing limit by around late February or risk defaulting on its debt.

Congressional Republicans are pressing for deep spending cuts in return for any increase in the borrowing limit. President Barack Obama has repeatedly said he wants the issues kept separate.

Depending on December's figure, hiring may finish the year slightly below its 2011 pace.

Employers added 1.84 million jobs in 2011, the most in five years. In the first 11 months of 2012, employers added 1.67 million. Job gains would have to top 170,000 in December to push 2012 ahead of the previous year. Some economists do expect gains at that level or higher.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 16,675.38 +203.01 1.23%
S&P 500 1,975.17 +23.81 1.22%
NASDAQ 4,751.3690 +43.5940 0.93%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs