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What does the latest jobs report say about the economy?

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A job fair hosted by the city of Chicago
Job seekers wait in line at Kennedy-King College to attend a job fair hosted by the city of Chicago on Nov. 9, 2012 in Chicago, Illinois.
Scott Olson/Getty Images

According to the monthly report released Friday by the Labor Department, unemployment rates dropped to 7.7 percent, the lowest rate in four years. 

"Yes, this was a pretty average jobs report," wrote Derek Thompson, senior editor at The Atlantic. "But if the numbers hold -- in light of Hurricane Sandy and the fiscal cliff and trouble with manufacturing in response to iffy global demand -- this pretty-average report amounts to better-than-average news for the economy heading into 2013."

But economists say there are several factors to consider when assessing this month's jobs numbers.  

Thompson will join The Daily Circuit Tuesday, Dec 11 along with Russ Roberts, research fellow at Stanford University's Hoover Institution to look at what the jobs report means for America's economy.