BY: Adam Gavriel
The February Jobs Report is set to be released tomorrow morning, and economists are expecting good news. Last week, the number of Americans seeking unemployment fell to 340,000 according to a story on ABCNews.com. The past four week average for jobless claims has now hit a five year low, showing a positive slide into a favorable number for the economy.
The article states that weekly applications are a proxy for layoffs, when they fall, it suggests that companies are shedding fewer jobs.
Analysts are predicting that companies added 152,000 jobs, which should see the unemployment rate fall from 7.9% to 7.8% in February.
It is important to note that these movements are still very small, but it is encouraging seeing the movements going in the right direction for Americans.
“The improvement is still gradual, but at least things are moving in the right direction,” Paul Ashworth, an economist at Capital Economics, said in a note to clients.
It is being reported that services firms, such as retailers and construction companies added jobs at a very substantial rate this past month. Factories also added workers in February, albeit at a smaller rate than the aforementioned retailers and construction.
The number of Americans receiving unemployment aid fell to 5.4 million, a drop of 362,000 from the week preceding.
Auto sales and home sales have also seen major increases in the last few months. New-home sales rose 16% in January to the highest levels in over four years. Home prices are also beginning to rise steadily again.
It is not all good news in America however, as the numbers may regress to their new mean in the coming months. After $85 billion in government spending cuts were put into effect after March 1st, many analysts believe this could cost the country 700,000 jobs, and even reduce unemployment checks for those who have been out of work for more than six months. The number also does not take into account those long-term unemployed who have dropped out of searching for a job.
Benefits currently average about $320 per week nationwide.
At Crossroads Consulting, we are doing what we can to get Americans working again, and trying to do our part in making sure that unemployment rate stays as low as it can. With over 50 job postings across the nation (and even some internationally!) we want to get you the job you’ve been waiting for. If you’re not confident in our resume, we can help you there as well with our recommended resume service.
If you’ve been out of work, or are getting frustrated with the hiring process, please contact us today and we will do whatever we can to help.
Remember, at Crossroads Consulting we’re putting the ‘human’ back into ‘human resources.’