Job Numbers: November Unemployment Falls to 7.7 Pct.

He said the effects of the failure thus far to reach a budget deal are more likely to show up in the December jobs report which will be released in early January.

It is not entirely certain whether the payroll tax holiday will be extended. If it's not, it may raise the cost of hiring workers.

"The next most important issue is sequestration which would bring big cuts to certain employers that depend on government contractors and other employers that indirectly provide support to government contractors," Bronars said. "Employers in these industries may well take a wait and see attitude for hiring until the fiscal issues are resolved."

Concerns about a higher marginal tax rate for top earners, some of whom are employers, may take longer to show a noticeable effect in jobs figures as the disincentive to top earners may take longer to indirectly affect hiring decisions.

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