Do the Latest Job Numbers Mean the Economy is Turning Around?
The most recent job numbers just came out and on the surface they look great - but is the reality as good as the first glance shows? A few quick highlights and my thoughts.
- The overall rate dropped to 8.6%, the lowest since March 2009.
- The decrease from 9% in October is the biggest decrease since January 2011.
- 72,000 more jobs were created in September and October than previously reported.
- The overall rate was significantly better than Fed forecasts, which were in the 9 - 9.1% range.
Some of the rate improvement was related to people leaving the workforce, either due to benefits running out or those giving up until after the end of year - this means that when the Ball drops the rate might start to climb again. Hopefully the improvement in the economy will offset the number of people rejoining the workforce.
Some of the improvement has been in retail as companies ramp up for the holiday buying season. Some may think that people will go back on unemployment when all the gifts have been unwrapped. NOT TRUE! Many retailers will hire temporary employees into full-time roles after the season's festivities are over.
Overall, I feel better about the numbers; and our clients tell us they are getting more calls and more interviews, and that tells me a few things - there are jobs out there; in spite of what many people think there is hiring going on between now and the end of the year.
Thoughts? Are you giving up? Don't do it. Stay the course! Your perseverance, commitment to your career plan, and desire will enable you to realize career success.