It seems like everywhere you look businesses are hiring. About 70% of U.S. industries added jobs in November. That explains how the U.S. economy added 321,000 jobs in November, blowing past even the most optimistic expectations. The government's monthly jobs report released Friday showcased that 2014 is heading to become the best year for job growth this century. HIring was more widespread in November than any time since early 1998. By comparison: this time five years ago, 86% of U.S. companies were cutting jobs.
Consumers are spending again in a year of strong economic growth, driven by low energy prices and pent-up demand for cars and homes. Job openings are almost at a 13-year high as companies try to meet the latest wave of demand. Businesses are asking their employees to work longer hours and moving some part-time workers to full-time status. Employers say they expect to be adding jobs in 2015 as well. Very few are cutting staff. Those include department stores and electronics chains that are losing ground to online shopping or other competitors. Also trimming jobs are textile and clothing manufacturers and coal mining companies. Some government employers, including local schools and state governments, are also cutting jobs.
It's great to
see that employment is increasing. This article shows that consumers
confidence has a big impact on how the economy recovers. Things such as low gas
prices make people feel better about the economy and leads to spending more and
employers employing more. Hopefully several factors that increase
consumer confidence continue to do so.
Businesses hiring is great news for individual and economic well-being. I'm happy to see that full-time positions are being added, and that businesses expect to continue to hire. As college students, hopefully we can feel more secure about entering the workforce after graduation.
ReplyDeleteIt is great that the economy has added so many jobs this month alone. However, this is not the first time that this many laborers have been added in a single month over the past century. However, the numbers are mostly likely seasonally adjusted, which means that it will be beneficial. With consumer confidence rising, the economy looks much stronger than it has in recent years.
ReplyDeleteThe recent rise in employment is going to benefit the US for this next quarter. Seasonally adjusted numbers are also needed to know how many of these jobs stay for the next year. This is helping push the US economy towards full production. Hopefully we're able to sustain this growth and get the US to pre-crisis levels.
ReplyDeleteAlthough the labor market seems to be flourishing it needs to be taken into account that the labor participation rate is 62.8% and that the discouraged workers were about 800,000 in number in October, 2014.
ReplyDeleteIt's great that industries are adding jobs and decreasing the unemployment rate. However, wage growth is still an issue that seems to be ignored in employment statistics. It seems that the economy is doing better than it has in quite a while, but it will be interesting to see if wage growth is addressed anytime soon.
ReplyDeleteHopefully this will keep improving! I also hope that this information gets out there to the discouraged workers who feel like there are no jobs available. I'm optimistic that the state of affairs in the job market will continue to improve as our economy as a whole continues to improve.
ReplyDelete