When all you read is gloom, turn here for a much different perspective.

Tuesday, November 8, 2011

Job Openings Now at Highest Level in Over Three Years

The Labor Department announced on Tuesday that the number of positions waiting to be filled in the U.S. rose in September to the highest level in more than three years. Job openings increased by 225,000 to 3.35 million, the most since August 2008.

Hiring also advanced by 185,000 to 4.25 million.

Last Thursday the government announced that payrolls grew by 80,000 workers in October, and that gains in the prior two months were revised up, by nearly 102,000 positions.

In the 12 months ended in September, the recovery has now created a net 1.3 million jobs, from a gross total of 48.3 million new hires.

Thursday, November 3, 2011

Weekly Jobless Claims Break Below 400,000

Jobless claims continue to come down and this week initial claims fell 9,000 to 397,000. The four-week average is now also approaching the 400,000 level, down 2,000 in the week to 404,500. This level is more than 10,000 lower than the month-ago comparison and offers a positive indication for the October employment report to be released on Friday.

The report comes on the heals of an ADP report release Wednesday that showed October private payrolls rose 110,000 six digit growth that mirrored September's growth of 116,000.

The Wednesday Challenger Job-Cut Report also showed corporate layoff rates to be significantly subdued.

The doomsters have long pointed to a jobless claims level of 400,000 as the mark that indicates robust hiring is on the way... of course don't look for the perma-pessimists to change their tune even though the recovery has now produced this number.

The is no doubt however that if the jobless claims levels continue their current trends, that both private and government payroll nets will continue their healthy rise.

Wednesday, November 2, 2011

Manufacturing Sector Growth Hits 29 Months in a Row

Manufacturing continues to be the shining star in this recovery.  Several reports out this week underscore the fact that US factories continue to post solid results in a growing US economy.

The ISM report on business reported on Tuesday that their "PMI indicates growth for the 29th consecutive month in the overall economy, as well as expansion in the manufacturing sector for the 27th consecutive month. The past relationship between the PMI and the overall economy indicates that the average PMI for January through October (55.7 percent) corresponds to a 4.6 percent increase in real gross domestic product. In addition, if the PMI for October (50.8 percent) is annualized, it corresponds to a 2.9 percent increase in real GDP annually."

On Monday two region reports underscored the ISM report.

Very strong rates of monthly expansion in the Chicago area extended through October. The Chicago purchasing managers composite index came in at 58.4, well above 50 to indicate monthly expansion in general business activity though at a slightly less robust pace than September's 60.4 level. But October's 58.4 reading, which is four tenths above the Econoday consensus, is impressive and is right at the four-month average of 58.5.

In Texas -- factory activity increased in October said the Dallas Fed Manufacturing survey. The production index remained positive, suggesting growth is continuing. Other measures of the Dallas survye of current manufacturing conditions also indicated growth in October, and the pace of new orders accelerated, compared to September.

The reports summarize surveys which include businesses from all areas of the economy -- surveys that continue to show exceptionally healthy manufacturing conditions in their regions.

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