There was finally some dose of reality in the December jobs report. But as weak as the headline number was (and it was very weak), the details were even worse. Let's take a look at The Employment Situation: December 2007.
The unemployment rate rose to 5.0 percent in December, while nonfarm payroll employment was essentially unchanged (+18,000), the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Job growth in several service-providing industries, including professional and technical services, health care, and food services, was largely offset by job losses in construction and manufacturing. Average hourly earnings rose by 7 cents, or 0.4 percent.