Friday, February 1, 2013

Unemployment rises, economy "unexpectedly" contracts; Obama blames Sandy

And we are in for 4 more years of this...
(Yahoo! News) The unemployment rate rose from 7.8 in December to 7.9 percent in January, but the economy added 157,000 new jobs last month, according to the U.S. Bureau of Labor Statistics' monthly report released Friday morning.

The report indicates that job gains were seen in retail trade, construction, health care and wholesale trade, while employment edged down in the transportation and warehousing industries.

The additional 157,000 jobs added is less than the 196,000 jobs added in December, according to the revised numbers.

The number of unemployed persons overall rose from 12.2 million in December to 12.3 million in January.

On Wednesday, the Commerce Department announced that the economy had unexpectedly contracted with the gross domestic product falling at a 0.1 percent rate. The White House blamed Superstorm Sandy and spending cuts for the drop.