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2013 Ends With Smallest Job Creation

The latest unemployment figures contain both good and bad news.
The latest unemployment figures contain both good and bad news. 

The Labor Department says the economy only added 74,000 jobs in December, the smallest number in almost three years. Despite weak hiring, the unemployment rate actually dropped from 7.6 percent to seven percent. A major reason is that thousands of people stopped looking for work and are no longer counted among the unemployed. They include discouraged job hunters but also baby boomers who have retired. The mixed report contradicts other indicators that show the job market is actually improving. 

"A common phrase we use is the trend is your friend and the trend in the unemployment numbers, what you should be keeping an eye on at home, it's a very positive trend," Ben Willis said.

Many economists believe businesses will ramp up hiring in the coming months and more people will find work. 

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