Even in a Recession, Some Companies Are Hiring
The recession has already claimed 4.4 million jobs; however, there are currently more than 2 million job openings across a variety of industries, according to the U.S. Department of Labor. Many of these job opportunities are in highly trained and specialized positions such as pharmacists, engineers, and nurses. Jobs are also being added in education, healthcare, and government sectors. However, with such high job losses across many industries, experts say five people are competing for every job opening. That’s up from a ratio of 2-to-1 in December 2007, when the recession first began.
The Associated Press – March 10, 2009
Sickly U.S. Economy Set for Second-Half Rebound
A recent survey of economists reported that despite a weaker-than-predicted economy, consumer spending and residential investment will increase in the second half of 2009 boosting the gross domestic product. The Blue Chip Economic Indicators survey of 51 experts forecasts a 0.5% increase in the GDP in the third quarter, followed by a 1.8% expansion in the fourth quarter. Economists anticipate consumer spending will be sparked by sharp declines in energy costs, tax cuts, and a loosening of credit restraints. Reuters.com – March 10, 2009
Mortgage Applications Jump by 11%
The Mortgage Bankers Associations’ (MBA) index of mortgage applications, which includes purchased and refinanced loans, increased by 11.3% in March to reach 723.4. Low interest rates caused mortgage application loans to rise for the first time in three weeks, according to the MBA. The increase came after President Obama announced the Homeowner Affordability and Stability Plan, which is designed to provide aid to the housing market. The goals of this plan are to support refinancing for quality borrowers, help distressed borrowers avoid foreclosure, and stimulate new housing demand.
CNNMoney.com – March 11, 2009
Consumer Borrowing Rose in January
After three months of decline, consumer borrowing in the U.S. increased at an annual rate of $1.76 billion in January, according to the Federal Reserve. Economists had expected borrowing to fall by $5 billion. Consumer spending accounts for nearly 70% of the U.S. economic activity. The report showed the increase came from the use of credit cards, which rose 1.2% in January after a 9.5% decline in December. The Associated Press – March 6, 2009
Consumer Confidence Index Falls
The consumer confidence index fell to another all-time low in February, reaching 25, down from 37.4 in January, according to the Conference Board. The monthly consumer survey, based on 5,000 U.S. households, is a measure of consumers’ assessments of the nation’s economy. In addition to the decline in the consumer confidence index, the present situation index, a measure of consumers’ opinions on current economic conditions, declined to 21.2 in February, down from 29.7 in January. The Conference Board – Feb. 24, 2009
February 2009
The unemployment rate increased to 8.1% in February, up from 7.6% in January. Overall, employment fell by 2.6 million in the past four months. Job loss occurred across most sectors of the economy in February, with only government, education, and health services seeing an increase in job gains. Click here for the most recent employment report from the Bureau of Labor Statistics.
Major Industry Employment:
• Construction: - 104,000
• Manufacturing: - 168,000
• Retail Trade: - 40,000
• Professional & Business Services: - 180,000
• Educational & Health Services: + 26,000
• Leisure & Hospitality: - 33,000
• Government: + 9,000
Employment Trends is a publication of Express Services, Inc., Oklahoma City, Oklahoma. © 2009.