There is a lot of noise regarding the state of the labor market. Here are some promising statistics.
First, remember that unemployment is what is called a trailing indicator meaning it is one of the last things that will be affected as the economy improves. When bad times occur, employers will quickly react by cutting staff and then try to get the most they can out of their existing workers, until they just can’t get any more. Then they will start hiring on a cautious basis, often starting with temporary workers first before they commit to full-time employees. So let’s see where we are.
Ø US productivity in the third quarter rose to 9.5%, the fastest surge in 40 years. Normal productivity growth is about 3.0% so this shows that employers have reached the limit of what they can get out of their existing staff.
Ø There were only 11,000 jobs lost in November, the lowest rate in 2 years.
Ø Hiring of temporary workers grew by over 52,400 personnel in November, the highest surge in 3 years. .
Ø In October, companies announced they plan to hire 57,250 new workers which is the highest level since July 2007.
Ø For executives, job postings on ExecuNet are up 30% since the summer, and last week postings were up 26% from the week before. Executive recruiters and hiring decision makers state that they expect 2010 to be much brighter than 2009. And there has been a 50% rise in new jobs obtained since September 2009.
Remember that February is the biggest hiring month of the year so be prepared. Make sure your resume presents you well and build a job search plan that includes recruiters, job board postings and networking.