New Jobs Report

Friday, January 7, 2011 - 10:18am

The unemployment rate dropped after the release of the December jobs report.

Today in Washington, all eyes are on employment and the first jobs numbers of the New Year.

Employers added 103,000 jobs in December, but that's fewer than expected.

Diane Swonk, the chief economist with Mesirow Financial, says "It's not what the markets are hoping for, it's a turning point but let's face, it we've lowered the hurdle so low, it's easy to clear."

Still, it's enough to push the unemployment rate from 9.8% down to 9.4%, the lowest level in 19 months.

President Obama continues to rebuild his inner circle, tapping Gene Sperling as the head of his National Economic Council.

That comes a day after he named former Commerce Secretary Bill Daley as his Chief of Staff…a signal that President Obama is anything but anti-business.

David Arkush of the advocacy group Public Citizen said, "It's very troublesome. This is basically Wall Street in the White House."

As the new Congress settles in, the Republican controlled House is working to repeal the Health Care Reform Law.

New House Speaker John Boehner said, "Obamacare is the biggest job killer we have in America today. It's a weight over every employer that we have."

Boehner is brushing aside a Congressional budget office report that claims the repeal would add $230 billion dollars to the federal deficit over the next decade.

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