December payroll employment rises (+155,000); unemployment rate unchanged (7.8%)

[realism101]

11. Here you go...

www.economicpopulist.org/content/how-many-jobs-are-needed-keep-population-growth

A lot of what I get from Bloomberg is from Bloomberg radio on my way to work in the morning. They have economists from various walks of life (Professors, ex-Fed Chairs, Wall Street, etc.). This week, the majority of them pegged the fiscal drag due to the end of the payroll tax increase at 1%. A couple said .5%-1.0%, a couple said slightly more than 1% and a couple right at 1%. Sorry, no link for radio, but if you do a google search on "fiscal drag due to payroll tax increase", you'll quickly find several articles that say 1%.

It's easy to see why. Income taxes can be spent by the government, while the payroll taxes go to SS and Medicare. That money is going to rebuild those accounts, instead of increasing the amounts paid out. Reduced personal spending and reduced government spending create fiscal drag.

I think you're misreading the NILFWJN statistic. Read the above link for more info.