In 2015, Recovery No Longer Jobless
Let’s face it: This has been a long, slow, jobless economic recovery. We have noticed it in the executive search and recruiting industry. Ever since America’s economic downturn reached its nadir, economists — the optimistic ones, anyway — have touted each year as THE ONE that the job market would bounce back. Yet while Wall Street rebounded, Main Street suffered. To date, we have witnessed a strange dichotomy: a recovery desperately in need of decent jobs. But what if 2015 is that year? Could be. Economists are feeling good about this one, and here are three reasons why.
3 Reasons for Economic Optimism in 2015
Unemployment is Down. Way Down.
We got a good jump on an upturn last year.
There are some caveats (stagnant pay, for example) but 2014 brought us a sizable uptick in the nation’s Gross Domestic Product and a serious drop in the nation’s unemployment rate. According to the Bureau of Labor Statistics chart below on the U.S. Unemployment rate from 2007 to today, we’re nearly back to where we were before the Great Recession began.
Oil Prices are Down. Way Down.
Oil prices are down, and that’s a good thing. Every time consumers fill ‘er up at the gas station, they’re reminded the economy is better. They have ten or twenty extra dollars in savings per tank to show for it. GasBuddy.com reveals Gas Prices are nearly half what they were just a year or two ago.B
Households and businesses alike are benefiting from cheaper gas. More expendable income means more spending.
Housing starts are up.
Know what houses have to do with jobs? A lot. When the economy grows, people buy homes. When people buy new homes, they create construction jobs. It’s a strong indicator.
Bottom line: If the economy really is healing, companies are hiring. And if companies are hiring, we are helping them find top talent, working our executive recruiting magic. It’s a good thing all around, and we’re as optimistic as the economists.