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Superstorm Sandy can't dampen U.S. jobs growth

Applicants wait to meet potential employers at the Diversity Job Fair on Dec. 6, 2012 in Manhattan, New York City.

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Jobs, jobs, jobs.

That's the main talking point for this edition of the Weekly Wrap, but our guests this week have some other topics worthy of discussion, too.

Heidi Moore is the U.S. finance and economics editor for the Guardian. For the weekend, she suggests the following reads:

And CNBC senior editor John Carney's picks:


As for the jobs news this week, Moore says the drop in the jobless rate to 7.7 percent in November isn't as good as it seems.

"It is down from last month's 7.9 percent, but really the reason it's lower is because there are fewer people in the workforce," says Moore. "It just means that people are dropping out, and that's ultimately the problem. We still have 12 million people who are unemployed, and if we keep looking at those top-line percentage numbers, we're not really acknowledging what they're going through."

Carney, however, remains optimistic.

"I think we're in the 33rd month since we started rebuilding jobs and we're doing very well at it -- not as well as we need to be doing and it's going to take a long time before we get to a normal employment rate -- but it's a sign of a healthy economy that we're still are creating these jobs despite Hurricane Sandy, despite all the trouble that we see coming out of Washington," says Carney. "I think it is cause for celebration."

About the author

Sarah Gardner is a reporter on the Marketplace sustainability desk covering sustainability news spots and features.
wingdom's picture
wingdom - Dec 8, 2012

I agree with Heidi, but then again, I have reason to be biased... I'm facing unemployment for the third time since Aug 2009. That's 3 times in 3.5 years. This is the third holiday season in four years that has been put on hold for the kids. I had never been laid off until 2009. I have a friend who spent over a year to find a job, found one that lasted almost 1.5 years and has been looking long enough again to have used up all his unemployment. That's right... he's one of the uncounted ones now. And he has a list of qualifications that would put a rookie PhD to shame. I think companies won't hire unless you are the "perfect" candidate... one who needs absolutely no training. There's no investment economically or emotionally in that situation. They'd rather hire a contractor if they could. Somebody has got to stop this great recession unemployment merry-go-round cuz it's not so merry when you're the one getting laid off.

jjanes's picture
jjanes - Dec 7, 2012

Delta Airlines is now a "tech company"?