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Jobs Stall Out in 2012-Q4

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According to the December 2012 employment situation report, job growth stalled out in the final three months of 2012, as the number of employed Americans (143,305,000) was nearly unchanged from the levels recorded in the previous two months.

That outcome is consistent with our earlier observation that the fourth quarter of 2012 would likely see a significant deceleration in economic activity following the comparatively robust pace of growth recorded in the third quarter.

Breaking down the employment situation by age groups, we find that the number of employed...