While the U.S. has been steadily improving its economy since the financial crisis of 2008, the most recent jobs report from the Bureau of Labor Statistics shows the lowest unemployment rate in nearly four years. Dropping to 7.7 percent, the amount of Americans out of work has not been that low since December 2008, and a total of 236,000 positions were added.
The gains were spread out among many industries, Robert Johnson, director of economic analysis at Morningstar, explained to ABC News. The payroll tax increase also seemed to have little effect on the jobs market as even the restaurant sector showed gains, he said.
JJ Kinahan, chief derivatives strategist of TDAmeritrade, told the news source that the amount of jobs added was truly amazing, and that it took many experts by surprise.
“What the number does do is solidify those that say the market is not just about the Fed and their support but that we are seeing real signs of recovery in the market overall,” he said.
Kinahan added that the report also gives confidence to many that a true recovery could be on its way and that the nation might have finally turned a corner.
Some experts though, think that if the government weren’t facing possible political gridlock with the sequester, the job market and economy as a whole could see even greater growth over the coming months.
While HR managers might want to add more positions to assist the economy, it is important that they remain diligent in bringing on talented candidates. With comprehensive HRIS software, it can be much easier to track daily operations, thus knowing which areas need improvement. Workforce management systems can assist businesses in fine-tuning their hiring process as well, which can ensure top candidates being hired while still helping the nation move forward.