U.S. Job Losses in December temper optimism for a swift recovery

U.S. economy shed 85,000 jobs in December and the unemployment rate held steady at 10 percent, tempering hopes for a swift and sustained recovery from the Great Recession.

The monthly figures from the Labor Department included a revision for November that showed a gain of 4,000 jobs, in contrast to initial reports showing a loss of 11,000 jobs. That was the first monthly improvement since the recession began two years ago.

During 2009, payrolls fell by 4.2 million. Since the recession began two years ago, payrolls have fallen by 7.3 million.