US Job Growth: Who Gets the Credit?

Dec. 11, 2012
  The private sector added 253,000 jobs in November.  The 0.23% increase from October sounds unimpressive, but it was in fact the best October-to-November increase in six years.  The percent changes in August, September, and October were about average or better than average.

The private sector added 253,000 jobs in November. The 0.23% increase from October sounds unimpressive, but it was in fact the best October-to-November increase in six years. The percent changes in August, September, and October were about average or better than average.

One more statistic -- the 7.3% increase in private sector employment over the 35 months of rise is steeper than the 2003-07 rise through a similar time period. The increases are not astounding, but they certainly are suggestive of more recovery in the U.S. as we end 2012 and move into 2013. 

The Federal Reserve Board has stated that they have made job creation a mandate over inflation control. It may be tempting to give them the credit for the good November jobs number.There could be some validity to their taking some credit for the good news.  They have provided a lot of liquidity to banks, and banks are making commercial and industrial loans at 12.7% higher volume than this time last year.

The only problem is that the bank liquidity and willingness to make loans does not neatly equate to the business decision to add labor. Businesses add labor because of demand for products or services. The market is working, and the result is increased employment. 

Popular Sponsored Recommendations

Simplify Partner Engagement: A Guide for Manufacturers

Sept. 11, 2023
Design a winning partner program. Make selling faster and easier for partners, to increase mutual success with the help of automation. Download this guide to learn more about ...

Smarter Savings for Manufacturers - Guide

Sept. 11, 2023
Boost your manufacturing sales and revenue while reducing costs. Learn how one platform can help your business be more agile and productive in today's market.

Digitally Transforming Data and Processes With Product Lifecycle Management

Oct. 29, 2023
Manufacturers face increasing challenges in product development as they strive to consistently deliver improved results. Discover how industry leaders are improving time-to-market...

Powering Up Productivity: The Transformative Power of AP Automation in Manufacturing

Oct. 25, 2023
Discover how AP Automation is revolutionizing the manufacturing industry, driving efficiency, cost savings, and security. In today's world, automation is the key to staying competitive...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!