Obama Ends 2014 By Not Killing Jobs As Unemployment Falls To 5.6%

The business world was fretting over the possibility that job creation could dip below expectations for December, but the Obama economy continued its hot streak.
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The business world was fretting over the possibility that job creation could dip below expectations for December, but the Obama economy continued its hot streak.
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Now that the GOP has given up on trashing the Obama economy and begun to try and take credit for it, you might actually hear Republicans start to talk up the results of December's jobs report, which blew away expectations by showing a growth of 252,000 private sector jobs, and an unemployment rate that fell by two-tenths of a percent. From the Bureau of Labor Statistics:

Total nonfarm payroll employment rose by 252,000 in December, and the unemployment rate declined to 5.6 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in professional and business services, construction, food services and drinking places, health care, and manufacturing.

This follows a seasonal hiring-aided November that saw 321,000 jobs added, and expectations that December would, optimistically, see around 230,000 jobs created and an unemployment rate of 5.7 percent. Even those predictions were accompanied by nervousness that the December jobs number could disappoint, and hamper the recent growth in  financial markets.

There were also fears that the great jobs numbers for October and November could be revised down, blunting the impact of any job gains for December, but that didn't happen either:

The change in total nonfarm payroll employment for October was revised from +243,000 to +261,000, and the change for November was revised from +321,000 to +353,000. With these revisions, employment gains in October and November were 50,000 higher than previously reported.

December marks 58 consecutive months of job growth, including 11 straight months in which 200,000 or more jobs were created, and that 5.6% unemployment rate is the lowest since June of 2008. Obamacare continued to not kill jobs in December, as 32,000 health care jobs were added, and for the year, the economy added 2,952,000 jobs.

Republicans, who took over both houses of Congress this week, have meanwhile begun to propose the same fraudulent "jobs" bills they couldn't pass in the last Congress, and which didn't contribute at all to the current economic upturn. I guess if you look at it that way, through the crummy bills they didn't pass, maybe Republicans do deserve some credit.

Update: During his speech in Knoxville, Tennessee, President Obama spoke briefly about Friday's jobs report, and even bragged a little: