The Bureau of Labor Statistics reported a second straight month of a slowdown in job creation with an increase of 113,000 jobs added in the month of January. This number is much lower than the monthly average 194,000 jobs added in 2013. Companies hired less people in December than any other month over the last six months. Of course this report is troublesome considering we were experiencing momentum in the recovery efforts before the past two months. But is now the time to panic?
We all can agree that the economy has been less than impressive, however; according to economists the payroll results will perk up in the near future. According to the BLS, the national unemployment rate has decreased by 1.3 percent over last year. In addition, the private sector has experienced exponential growth over the last four years. It is also important to take note that jobless claims decreased to 336,000 in the week end of February 15. Though it was more than originally forecasted, it is still substantially lower than last year’s average of 344,000 jobless claims.
Although the employment rates have not been the most promising, economists believe that we are still in an economic recovery and not a contraction. If the economy continues to grow as predicted, we can look forward to more job creation and less layoffs. With our help, we will get talent placed and more importantly help America get back to work.
But Paladin has Good news…
Paladin is happy to report that we have had 20% business growth in the last seven months. Furthermore, the better news is that we have record levels of new customers and job opportunities. We are here to help you and your network grow their career and get that next job opportunity.
Source: Bureau of Labor Statistics “The Employment Situation” report