The January US Jobs Report reported some good news with the picture showing a real upswing in job creation since mid-2011 and a recovery back to those levels seen early last year:

• much higher than expected 243,000 jobs created
  
  
• unemployment dipped to 8.3%
  
  
• 257,000 private sector jobs were created in the month (14,000 public sector jobs were eliminated in January)
  
  
• revisions to November also showed an additional increase in jobs created by 60,000
  
  

But what does that mean to you?

This continuing rebound is very good news, indeed.
For the third month in a row, and 4th in the last 5 months, job creation has been over 150,000 jobs created—the level that economists believe is needed to addressed normal labor population growth. This means we are actually adding more jobs than are needed to offset labor growth and are starting to whittle down the 6 million jobs lost in the downturn.

The way to view these increases is to remain positive.
The rebounds seen in retail and manufacturing highlight that consumer spending is returning to at least more normal levels as overall consumer confidence has bounced back. This has been the missing element over the last several years.

More sectors beyond healthcare are now showing consistent signs of growth. Even construction rebounded in the last several months. Our Recruiter Confidence Index continues to predict growth in executive employment for the next 6 months, which is good news.

We also need to recognize that this labor market rebound is typically a lagging indicator.
It clearly says that worries in 2012 of a recession are not likely. And, though certainly a confidence booster, it comes, last week, with the Fed and many economists reducing their longer term GDP growth estimates for 2012 and 2013 because of the slowing European and world economies.

Therefore, in managing your business or your career, look positively on this trend.
But don’t look at it as a breakthrough of a slow growth economy of 2 to 2.5% but more of a “catch-up” and confirmation of that slow-growth trend.

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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