If good help has been hard to find during the past few years, it doesn’t look like it will be any easier in 2007. The federal unemployment rate fell to 4.4 percent in October, its lowest level since May 2001.
Curiously, the five-year low coincides with the fewest jobs created in a month — October saw 92,000 new non-farm payroll employees — although more than 375,000 jobs were added in August and September combined, according to revised numbers from the U.S. Department of Labor. Service-providing industries propelled the growth, while employment declined in manufacturing and construction.
Employment for most major demographics showed little change, but jobless rates for adult women and Hispanics fell in October.
Wages appear to be edging higher than expected amid heightened competition for workers. The average hourly wage is $16.91, up 3.9 percent so far this year.
The low unemployment rate, creation of new jobs and salary hikes have many economists shrugging off fears of a recession as confident consumers near the holiday shopping season. Although national gross domestic product (value of goods and services) slowed to its lowest level in three years in the third quarter, many economists have attributed the trend to cooling housing markets.
With an economy expected by many to be firing on all cylinders by the end of the year and into 2007, labor will continue to be hard to come by.
So, what will you be doing differently this year to recruit/retain valuable employees?
— David Frabotta, Senior Editor
1 comment:
Use Jobs4.0, the only job board devoted to over 40 year old job seekers and the employers that embrace older workers.
www.jobs4point0.com
Post a Comment