Could the US economy be looking up? A report from payroll provider Automatic Data Processing Inc. (ADP) seems to show as much. In January 2012, 170,000 new jobs were created in the private sector alone - most of them based on services and not the production of goods.
According to Fox Business News, the growth was expected. What does this mean for hopeful workers? Not much. The unemployment rate still hovers at about 8.5 percent. Because the real growth measured up to estimates, the forecast for potential jobs in the nation is not slated to change much, if at all.
The news is also rather depressing since job growth slowed - the private sector created 292,000 new jobs in December of last year according to Forbes. There is some discrepancy in numbers, however. The ADP figures don't include farm work or government jobs. These numbers are reported in the official Bureau of Labor Statistics report slated for release later in the week.
So what do all these numbers mean? The US economy is recovering - but slowly - due to the creation of new jobs. 56 percent of the jobs came from small businesses - mom-and-pop enterprises and brand new startups or any enterprise with at least one but with fewer than 50 employees. Medium-sized businesses with 50 to 499 employees accounted for 42 percent of jobs while big businesses with more than 500 employees added just 2 percent of the jobs created this month.
CNBC breaks it down, explaining that almost 89 percent - 152,000 of the jobs created this month - were in the service industry. Everything from tax preparers to freelance writers to the person who grooms your dog's toenails would be counted in this category. Jobs focusing on creating goods accounted for 18,000 of the jobs created this month - so those producing products for sale to the public. 10,000 new manufacturing jobs - like factory laborers - were added in January followed by a mere 2,000 construction jobs.
So if you're looking for work, hit up your locally owned small business and avoid big box employers and retailers when pounding the pavement. Learn a new skill that people are looking for. If you've got a head for numbers, keep the upcoming tax season in mind. If you're a fan of cute furry things, see if you can get bonded as a pet sitter. Don't give up hope if you're out of work - you may just need to think outside the box to earn your paycheck.
Have you felt the economic crunch in recent months? Are you now employed or still looking for work? What's the most interesting service-oriented job you've ever held?
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Feb. 3 (Bloomberg) -- A surge in new jobs last month and the lowest jobless rate in three years may give a boost to President Barack Obama’s election-year message that the economy is gaining steam.
“The economy’s above stall speed now,†said Gus Faucher, senior economist at PNC Bank in Pittsburgh. “I think it’s got that momentum going where you’re going to have job growth generating spending gains, generating job growth.â€
Employers added 243,000 jobs in January, the biggest gain in nine months, and the unemployment rate dropped to 8.3 percent from 8.5 percent in December, the Labor Department reported today in Washington.
This has to be the "Obstructionist's Party's" worse nightmare as they hope and pray that the economy remains stagnant.
See link below for quote:
https://www.wellsfargo.com/downloads/pdf/com/
research/economic_indicators/Employment_01062012.pdf
This months BLS report was much the same with job gains
in department stores at 19,000, health and personal care stores 7,000. Also, employment in leisure and hospitality increased by
44,000, primarily in food services and drinking places 33,000. As everyone can see, many of the 243,000 jobs reported today were what are historically low paying jobs.
Not a good scenario for the long term of our country when the majority of jobs being created are historically low paying jobs. That explains the decline of the middle class in recent years.
Every year millions graduate from college or high school and enter the labor force. That has increased the size of the labor force throughout the history of our country. Under Obama the number of people counted in the labor force has NOT grown at all, but rather stayed the same number.
That tells you that many are NOT being counted since they dropped out of the workforce, were forced into early retirement, are staying at home with relatives, not being counted, etc..
After growing throughout the history of our country, under Obama it HAS NOT CHANGED.
Instead of growing an average of 1,500,000 per year it has for decades it suddenly FREEZES and grows on 13,000 a year under Obama.
In Bush's last term the work force grew by 6,000,000, an average of 1.5 million per year ... to ZERO per year under Obama!!!
Add those 4.5 million not being counted and where are we?
1) The number of long-term unemployed (those jobless for 27 weeks or more) was little changed at 5.5 MILLION.
2) 2.8 MILLION persons were marginally attached to the labor force. These individuals were not in the labor force, wanted and were available for work, and had looked for a job sometime in the prior 12 months.
3) There are also 8.2 MILLION people employed part time who WANT full time jobs.
*** Not including the millions who have totally dropped off the BLS count or not being counted (see my posts above) ***
http://www.bls.gov/news.release/empsit.nr0.htm
Not knocking the media whatsoever, just posting what we are not being told.