The Wall Street Journal recently posted an article on current economic trends, saying that the economic recovery is not extending to employment. Day after day, America is sent conflicting messages, “recession is ending,” “employment expected to rise on 2010,” “economy improves along with job market,” so its no question that job seekers and employers are confused.
States are beginning to see their economies improve, but employers across the country have yet to partake in this improvement. According to the Department of Labor, manufacturing productivity and real estate markets are stabilizing, with manufacturing up 13.6 percent in the third quarter, while unemployment rates hit ten percent in a quarter of the states.
On the contrary, a separate report, ‘the beige book’, stated that commercial real estate was “weak or deteriorating” throughout the nation. Another report noted that most of the twelve districts showed economic “stabilization or modest improvements” within businesses.
The main reason consumers have yet to follow the path toward recovery is the mere fact that businesses aren’t hiring. Jobs remain sparse for the nations fifteen million plus unemployed. However, still seen are improvements in temporary and contingent hires with rates hitting a 0.64 percent increase in the past month in addition to a decrease in general layoff rates.
Unemployment reports showed states that rely most on manufacturing and non-farm sectors were hit hardest in overall rates. On the bright side, twenty-three states were able to witness a rise in employment rates. An economist for LPL Financial in Boston nailed it when he stated, “You are in that period where the recession is over but you don’t have job growth. And until we get job growth, nobody is going to believe the recession is over.”
According to the American Staffing Association, staffing employment is 20.3 percent higher than it was at the beginning of this year, indeed a good start to a much-needed recovery.
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