Our nation has faced many challenges over the past few years, including a sharp housing market fall, a spike in the unemployment rate and increase in bankruptcy filings. Economic growth and deficit reduction have been at the forefront of political talks for months. Despite a significant drop in consumer confidence over the past year, reports are now showing that there are some indications the economy is growing, albeit slowly.
Signs Of Hope
After a windfall of job cuts in September, a report shows that many firms have begun adding jobs again in October. The increasing employment trend is slow but steady and the overall hiring rate also increased.
Part of the reason for the employment boost results from increased demand for high priority for commodities. Manufacturing companies and factories have received increased sales order since September, spurring more demand for employment to meet supply needs.
A recent report also showed the current employees performed better on productivity measures, suggesting an increase in company efficiency. Increased efficiency, in turn, leads to increased profitability.
Perhaps the most important result of the combination of the above is the drop in unemployment applicants. Unemployment benefit applications dropped by 9,000 in October, the lowest since April of this year.