Tag Archives: Bank of Tokyo-Mitsubishi UFJ

PRITCHETT: IMPROVING JOB MARKET MEANS IMPROVING COMPETITION FOR JOBS

Casey PritchettBY: Philip Pritchett

According to the Wall Street Journal, June saw an increase in U.S. jobs that reduced the unemployment rate to 6.1% – its lowest point since September 2008.  The 288,000 jobs created also helped to extend the best five-month period the U.S. has seen since 2006.  These results pleasantly surprised many economists who had anticipated a 215,000 job increase with no real impact on the unemployment rate.  “This is one welcome Fourth-of-July report for the outlook,” said Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ.  The 288,000 new jobs “are just the fireworks the economy needs to brighten up.”

This Wall Street Journal report also included signs of positive growth in other areas of the economy.  U.S. stocks showed signs of life, as the Dow Jones Industrial Average surpassed 17000 in a single day for the first time ever.  The dollar even gained value due to the effect that the strengthening economy could have on Federal Reserve interest rate increases.  “Today’s report indicated that labor market slack is diminishing, albeit slowly,” said Bricklin Dwyer, economist at BNP Paribas.

The recent job creation is evidence that the economy is continuously gaining momentum.  The retail and hospitality industries produced almost 80,000 jobs, while manufacturing and construction added another 22,000.  “The latest five monthly jobs reports are consistent with the view that, in spite of a horrendous first-quarter GDP result that was the victim of a ‘perfect storm’ of negative circumstances, the economy is well underpinned,” said Joshua Shapiro, chief U.S. economist at MFR Inc.

As the economy continues to strengthen, so too will the competition for the best available jobs.  Job seekers owe it to their self to be as prepared as possible when pursuing their next career opportunity.  The process is changing, and those who are unaware of these changes will find themselves at a disadvantage.  Firms such as Crossroads Consulting help job seekers maximize their chances of landing their dream job by staying on top of current trends within the job market.  With services that range from interview preparation all the way down to contract negotiation, their guidance can be the difference between settling for that mediocre job that EVERYONE’S qualified for and the high-paying job that YOU’RE qualified for.  Contact them today at (203) 459-9969, or send a resume to info@crossroadsconsulting.com.