Unemployment Rate Falls to 9.7 Percent. Temp, Retail Workers

by SixFigureStart | February 05, 2010

  • My Vault
Well, that was unexpected, but very welcome: the unemployment number dropped to 9.7 percent in January, a fall of 0.3 percent in a single month, and the lowest rate since August 2009. We've taken the trouble of graphing the BLS stats for you below, and we're also going to take the opportunity—once again—to point out that our readers kind of called it. I mean, what more needs to be said: you all told us that the hiring market is significantly easier than it was three months ago, during which time the unemployment number shows a significant improvement. Coincidence? I think not.

unemployment graph

According to the labor department report, the number fell despite the nonfarm payroll dipping by 20,000. The boost in the overall rate was likely due to increases in temporary help services and retail--both reasonable indicators that the economy is proving. (Surges in temporary help usually foreshadow an increase in permanent hiring, while retail hiring is generally an indication that consumer spending is rising--both positive signs.)

For more on how to find a temporary position--and how to set about translating it into a permanent job--click here.

--Posted by Phil Stott, Vault.com

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