Not to worry (too much)

Economists weighing in this morning on the so-so employment report are not sounding all that concerned - or surprised - that the economy lost 85,000 jobs in December and the unemployment rate remained stuck in double digits. A sampling of reaction:

--Despite the negative reading in December, we are almost assuredly at the very end of the current cycle of firing and we repeat our belief that the number of people that lose their job from here on out is irrelevant. Dan Greenhaus, Miller Tabak

--November's gain undoubtedly over-stated the strength of the labour market, while December's decline probably under-states it. Paul Ashworth, Capital Economics

--The lack of hiring might reflect greater caution on the part of small companies or an outright inability to respond to rising sales because of financing constraints. Aaron Smith and Ryan Sweet, Moody's Economy.com

--The lack of hiring means that those out of work continue to stay that way for a long time. The average duration of unemployment extended out in December to 28.5 weeks compared with 26.9 weeks in November. Steven Blitz, Majestic Research

Photo: Seattle Weekly