Last month, economists were encouraged by EMEA’s fiscal figures, as regional business and consumer confidence rose in October, while consumer prices remained stable. Such news was certainly welcomed by global economists and regional governmental officials, in the midst of Europe’s double-dip recession.
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Regional economic recovery remains sluggish
National inflation and unemployment remains high
On December 7th, the BLS released its final “The Employment Situation” report of 2012, just four weeks after Superstorm Sandy struck the northeastern United States. The hurricane was anticipated to negatively impact national employment figures, potentially leading to thousands of layoffs, but, according to the BLS’ latest jobs report, hiring remained robust in November.
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Despite Sandy, hiring continues to rise
In early November, the BLS released one of its most positive jobs reports in recent memory, “The Employment Situation – October 2012.”
Although many global economists were pleased with the report’s statistics, as 184,000 new private sector jobs were generated in October, others questioned whether or not such job creation would continue in November.
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Regional unemployment remains low
Back in October, the United States’ national unemployment rate remained below eight percent for the second consecutive month, as the economy generated 171,000 new jobs – the fourth straight month in which more than 100,000 jobs were created. Therefore, the results of the BLS’ latest “Metropolitan Area Employment and Unemployment” report were not entirely surprising, as hiring rose within a majority of the nation’s metro areas in October.
In fact, 288 of the nation’s 372 metropolitan areas recorded an increase in nonfarm payroll employment from October 2011 to October 2012, while 329 areas’ jobless rates declined during that same time span. And, according to the report, 180 areas’ jobless rates were seven percent or lower.
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Private sector hiring exceeds economists’ projections
Since July, private sector hiring has been quite extensive within the United States, as a majority of sectors have reported a rise in employment. Regardless of such trends, many economists were unsure whether or not private sector hiring would continue to be as wide-ranging in November, after Superstorm Sandy struck the coast of the Mid-Atlantic and Northeastern United States in late October.
Despite economists’ concerns, 147,000 private sector jobs were generated last month, according to the BLS’ latest “The Employment Situation” report, signifying that hiring remains robust, as economic recovery continues.
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Will the “fiscal cliff” be avoided?
As the end of 2012 nears, many global economists are presently encouraged by the United States’ latest job growth trends. Not only was November’s employment report more positive than anticipated, but economic recovery has steadily occurred throughout the second half of the year.
Since July, nearly 789,000 jobs have been generated. The national unemployment rate has fallen from 8.3 to 7.7 percent. And, a majority of private sectors have been hiring, leading some economists to believe full-fledged recovery has begun.
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