BY: Adam Gavriel
October continues to be a slow but promising month for the United States economy. Reports from Bloomberg.com today are showing that the number of Americans filing first-time applications for unemployment fell last week by 23,000. This figure returns the statistic to a level that shows the labor market is continuing to make progress in the year’s third-quarter. Though progress may be a bit of a stretch however, as the market continues to grow albeit at a slower pace than everyone would prefer.
Kevin Cummins, an economist at UBS Securites LLC in Connecticut had this to say about the report, “There is no pickup, nor any further deceleration. Employment growth is moving along at a pretty disappointing pace.”
Continuing claims for unemployment benefits also saw a slight drop in it’s figure by 46,700 to a total of 2.09 million. When we see job growth accelerating at a pace we’d all like to see it grow, the unemployment rate will fall.
Another promising factor to the economy is that consumer confidence reached a six-month high last week. The increased consumer spending could be viewed as the first sign of the economy getting back to where Americans need it to be. As they say, you have to spend money to make money. As consumers spend into businesses they can hire more. More people working = more consumers spending and the cycle continues.
While these numbers are promising for the future on the surface, the current economy tells a different story.
Dow Chemical Co. announced this week that it would be cutting ~2400 jobs and closing 20 plants. Dow Chemical Co. is the largest United States seller of chemicals. Dow has experienced significant losses in both revenues and profit margins as they have both dropped off since June of this year.
As we await the next big announcement from the Labor Department on November 2nd (October employment report), just four days before the 2012 election, the economy will remain in a stagnant pace. Companies remain hesitant to add jobs as the two candidates could not differ more in their proposed solutions to fixing the recession.
Here at Crossroads Consulting, an executive search firm and employment agency, we understand how the economy is suffering as best as anyone. We see daily hundreds of clients who are searching for work and desperate to get their resumes to potential employers. Lucky for them, and for you, we are here to help. From our job openings that range across the nation, and our resume service, we want to help you from step 1 to the finish line to get you the job you’re looking for.
Even if you don’t feel as if any of our openings are set to your abilities, or in an area you desire, feel free to drop us your resume anyway. We’ll take a look at it for you, optimize it for you if necessary, and keep it on file for any job openings we feel you are a fit for come our way.
Remember, at Crossroads Consulting we’re putting the ‘human’ back into ‘human resources.’