This month’s increase in unemployment was aligned with our forecast in the early part of 2008 when we predicted that unemployment would rise to the mid-high 5% marker throughout the year. read on
GDP: Economy continues to grow.
A common indicator as to whether or not we’ve reached a recession is when Gross Domestic Product (GDP) reports negative growth for two consecutive quarters. Based on this criteria, we continue to steer clear of a recession. According to the Commerce Department, the U.S. economy grew by 1.9% in the second quarter – a big jump from 0.9% seen in Q108. This continued positive growth – although layered with some concerns around consumer spending and the housing market – is cause for some cautious optimism. our analysis
Part-time workers on the rise.
According to the most recent jobs report, since July 2007 the job market has seen an increase of over 1 million part-time workers. As more Americans are re-entering the workforce in order to meet the increased cost of living, the number of part-time workers in the job market will likely continue to climb in the near term. our analysis
Oil relief: a welcomed mid-summer gift for drivers.
Following months of pumped up oil prices, the national average for a gallon of gas has recently begun a trend downward, getting below the $4 mark. And economists are forecasting gas prices to remain relatively low in the near-term – a welcomed relief for commuters. our analysis
“Job prospects right now differ vastly depending on the industry, a change from 2001 when companies just stopped hiring.There's still a very good market for professional skills such as those needed in engineering, accounting, computer systems and design, and science and health care.”
– Tig Gilliam, CEO, Adecco Group North America The Wall Street Journal, August 2, 2008
