Employers added a net of 151,000 jobs last month in October with the private sector job creation at its highest level since April. This was a sharp contrast from the September report that showed a loss of 41,000 jobs. So, is our economy actually getting better or is this a fluke?
Most of the job gains in October were at temporary-staffing firms and healthcare services. Restaurants and retailers also added employees to their payroll. It appears that conditions in our economy are improving with business profits increasing as real sales trends improve, yet is it enough growth to hire additional employees?
No one really seems to know. We certainly aren't in rapid growth cycle. The only area that appears to be growing quickly is the stock market propped up by Bernake's decision to inject $600 billion into the
The national unemployment rate remains at 9.6% for the third month in a row. The figure for both underemployed and unemployed workers combined remains constant at 17%. Total government job cuts continue to fall with only 8,000 workers were laid off in October.
In all, the
There is some good news in the latest report. Construction activity may be bottoming, manufacturing is expanding and auto sales are strong. Is this a pent up demand for these products or is there real growth happening that will lead to new jobs?
No one knows. Predications by the "talking heads" on our economy continue with conflicting theories, but what most financial guru's can agree on is one thing and that is, it is going to take time for a full recovery, some say 5-6 years.
The key to survive in this "new" economy is to keep learning new skills to ensure you stay employed and/or get you into a new career where your services are needed. Companies are hiring people that fill their need, not yours! They say that small businesses drive our economy, but I think they are over-stressed right now. I'd recommend applying for a government job or at a large corporation that has benefited from the recent gains in the stock market.