The January figures put the unemployment rate at 9.7%. That's the lowest it had been since August of 2009. But while the unemployment rate fell so did the payrolls.
Factory manufacturing employment is starting to move ahead and is expected to start seeing an uptick over the next few months. Factory based manufacturing employment increased by 11,000 in January which is the biggest gain posted since April of 2006, but it does little to offset the losses from even last month in the manufacturing market that saw the reduction of 23,000 jobs.
Employers are having existing employees work more hours and are moving part time employees into full time positions rather than bringing on new hires as work flows begin to pick up. This trend will continue until work-flows eventually start to overflow in the current employee base and the majority of company's are forced to start building there workforces once again.
Is this an indicator that the worst of the recession may be behind us and that the unemployment dive may have finally hit bottom? Probably not just yet. Many economist seem torn on the prospects for the month of February, projecting gains or losses of 100,000 jobs for the month.
With the record low interest rates and President Obama's administration making the unemployed a top priority that bottom may be closer than many of us think. A hope that is shared by many if not all of the 8.4 million who were caught in the employment market contraction that the past two years has seen.
Will the Senate and House work together and continue to pull us out of this economic pit, or will the infighting between those already in American politics seeking reelection and cross party warfare cancel out the possible forward progress here in America?
President Obama will undoubtedly continue to press the nation on his global environmental politics and his administrations policy as one of the best ways to pull the US. out of the current manufacturing slump. Green jobs and the green future that he is speaking about relies heavily on research and development funding. Funding that is currently not readily available.
How close are we to the bottom?
How long will it take to get back to the top?
Is this latest round of unexpected employment data related to the TARP program or simply an unrelated coincidence?
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