Economy Gained 200,000 Jobs in December

Posted on January 7, 2012

December was one of the best jobs report in a while. The economy gained 200,000 jobs in December. The number of jobs gained in November was also revised upward to 100,000. The unemployment rate fell to 8.5%.

January's report will be crucial to see how much of the November and December reports were due to seasonal hiring. There was a bump of 28,000 retail jobs in December according to the report. Leisure and hospitality added 24,000 jobs.

CBS MoneyWatch's Jack Otter says we are still "deep in the woods" and we need to keep this momentum going to get the economy growing. Take a look: