US Unemployment Rates Down in August
By: Daryl H. Bryant
Housing prices have leveled in the majority of the US and the Fed, worried about an economic slowdown, leaves rates unchanged. These are legitimate red flags for us business owners to be concerned about the expectations of the economy and the future of our businesses. Should we hire or should we minimize some of our resources to prepare our companies for a near future economic slip?
Well, according to an article on ABC News - A hiring revival pulled the nation’s unemployment rate down to 4.7 percent in August and flashed a Labor Day weekend message that the slowing economy isn’t in danger of fizzling out.
The latest snapshot, released by the Labor Department on Friday, was a bit brighter than expected and eased some fears that the economy weighed down by a housing slump might tip into recession.
"This provides some peace of mind," said Oscar Gonzalez, economist at John Hancock Financial Services.
Employers boosted payrolls by 128,000 in August, an improvement over the 121,000 jobs created in July. Schools, hospitals, financial firms, computer-design shops and construction companies were among those posting employment gains last month. That helped to blunt job cuts in manufacturing, retailing, trucking and elsewhere.
On Wall Street, the employment news lifted stocks. The Dow Jones industrials gained 83 points to close at 11,464.15.
With hiring improving, the unemployment rate dropped down a notch from a five-month high of 4.8 percent in July. That decline put the current unemployment rate close to a five-year low of 4.6 percent reached in May and maintained in June.
So for us small business owners the economy is holding and this looks promising for us as we approach the fall and holiday seasons in the upcoming months.
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