US Job market Improving Submitted by Chelsea Po

US Job market Improving
Submitted by Chelsea Polachuk on Thu, 12/04/2014 - 12:13
US Job market Improving

The US economic outlook is strong as local companies added 208,000 jobs last month. On Friday, economists predicted that the government will announce that employers in the nation added 225,000 jobs in November and the unemployment rate has fallen from 5.8% to 5.7%.

Services sector witnessed growth and energy sector also climbed as oil price indicated stabilization. Crude oil's price rose 50 cents to $67.38 a barrel in New York. Since the start of the year, the companies and local businesses have added jobs to a level where it is now considered to be stable.

A report also unveiled that New Jersey is quite far from attaining economic recovery. By adding 208,000 private sector jobs in November, the job count has reached to 2.26 million this year, unveiled a report released by ADP Research Institute.

As per the report, New Jersey's private sector employment has increased little more than a third this year. Construction, manufacturing, leisure and hospitality are the sectors in which New Jersey's private employment has fallen.

Goods' producing sector was the one which especially lagged in New Jersey. It has fallen by just over 1.1% so far this year.

So far this year, the employment rate has increased by around 2%, which is quite close to the official government figures from the US Bureau of Labor Statistics. It can be the latest proof that the economy is recovering from the Great Recession.

The report hopes that the job growth will continue to strengthen. New Jersey's report for November will be released on December 18. Joel L. Naroff, president and chief economist of Naroff Economic Advisors, Inc., of Holland, also affirmed that entire situation gives an impression that job market is getting better. He also termed New Jersey to be one of the worst performing states in the nation.

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