Many economic releases last week supported the notion of continued growth for the US economy. The Purchasing Managers' Report (an indicator of a rebounding manufacturing sector) crossed into expansionary areas. The monthly jobs report showed the private sector added 140,000 new jobs and revisions from prior months continued to show strength.

But, the most important economic releases last week were the retail sales figures from Black Friday and the first holiday sales weekend. They indicated that the consumer was starting to spend — which for the economy has been the missing link for faster growth. Consumer spending makes up 70 percent of the US economy. Over the last three years, they have been deleveraging themselves. The Black Friday reports were the first sign that may be easing.



It is too early say that anything has changed in the long-term trend of slow and steady economic growth, but if this higher than expected spending by consumers continues, this is "good news" indeed.

What does this mean for executives?

With a better tone to the economy, managers need to focus on retention of top talent. With improvements in the economy and the job market, our surveys indicate that this is a major reason why executives who may have hunkered down during the recession start taking recruiters' calls.

For job seekers, it continues to say the market is opening up a bit — so maintain a positive attitude.

In any event, there still are risks to a full recovery. The European situations certainly could be a drain on world growth and those companies that are heavily invested or dependent on the European markets.

Mark Anderson
Mark Anderson is ExecuNet's president and chief economist. An Arjay Miller Scholar, Mark received his MBA from Stanford University and a BA in economics from Yale University. He joined ExecuNet in 1993, with extensive marketing and new product and business development experience, having served as president and founder of A&M Associates, an investment management firm. Mark's corporate leadership experience includes several senior marketing and financial positions with RCA Global Communications (a GE subsidiary) and American Can Company.

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