On Friday, new unemployment numbers will be released for December. In last month's report, the unemployment rate dropped to 7.7 percent, a four-year low. For a preview of the labor market prospects for the new year, Steve Inskeep talks to Nariman Behravesh, chief economist at IHS Global Insight, an international consulting firm.
Now that the nation has moved away from the "fiscal cliff," what's the next drama policymakers have in store? Nothing has been done with entitlements and spending cuts were delayed.
The Senate passed a measure early into the New Year, and now it's up to the house to vote on the deal, which will most likely happen by Wednesday. The measure cleared the Senate on an 89-8 vote, hours after V.P. Joe Biden and Senate GOP Leader Mitch McConnell sealed a deal.
Some economists predict that the reconstruction from the damage caused by Superstorm Sandy will produce a stimulus effect for the U.S. economy in 2013 — especially in construction and related industries. Others say the losses associated with a storm will outweigh any positive effects from the rebuilding.
Europe spent much of this year trying to hold its common currency pact together. Greece, Spain, Italy and other countries flirted with disaster as interest rates spiked, forcing the debtor nations to accept austerity programs. The turmoil was bad enough to push much of the eurozone into recession.
Both the House and the Senate were in session Sunday evening, but a bipartisan push by Senate leaders fell short. Monday is the last day to avoid the tax hikes and spending cuts, though Congress may still reach a deal over the next few days.
This year, two states passed right-to-work laws, and Wisconsin Gov. Scott Walker survived a recall attempt. Harold Meyerson of The American Prospect says the future for organized labor remains bleak.