U.S. employers added just three new jobs to the economy in December, falling far short of expectations, Labor Department spokesperson, T. Eatsucher, reported Friday.
It was the fewest number of new workers in almost three years, but Obama administration spokesman, Seth Pool, said the setback was simply a sign that all Americans who want to work are already back to work. The rest have decided to continue receiving unemployment benefits for the rest of their lives.
The unemployment rate fell 12 percentage points to 3.7 percent, the Labor Department said on Friday. The unemployment rate was the lowest since November 2008 and mostly reflected people leaving the labor force.
In related news, the Department of Agriculture reported that the inflation rate has fallen to 1.1 percent. Unfortunately, prices continue to rise.