Strongest job growth expected into 2015
321,000 jobs added in November, best figure in nearly three years
JACKSONVILLE, Fla. – Encouraging news for the economy in the new year; the country is on track for the strongest annual job growth since the late 1990s. And on top of that, according to the U.S government, 321,000 jobs were added in November, the best figure in nearly three years.
Titus Pittman with Genesis Financial Partners said people are feeling more confident and spending more money, and in turn businesses are feeling more confident and are looking to expand with supply and demand.
Pittman said we still have some big steps to take, but that our economy is getting back on the right track.
"People are feeling better about going out, spending more and making purchases they may have not made in the past because of the economy. These are all positive signs for not only the consumer, but also those employers that are behind those individuals," said Pittman.
Pittman said it's all about the overall sentiment of the economy that's adding to the recent, optimistic job numbers.
According to Labor Department data, the average hourly wages spiked 37% from October to November, the sharpest month-to-month change in more than a year.
The average American, last month, took home a little more than $853 per month. That's a 2.4% increase from the $833 (.18) a year earlier.
Pittman said our country is on track to produce more jobs this year since the late 1990's. He said this is a huge milestone and that he sees a lot of positives in the latest jobs report.
"It's very broad industries that are hiring, not just your retail or foods and services its also technology and manufacturing so all these are great jobs throughout the board and across our economy," said Pittman.
He said, not only are people getting back into the workforce, but also people are feeling more confident to quit their jobs and move on to one that pays more or better fits their qualifications.
"When we had the great recession people that found themselves out of work, probably took some jobs that didn't necessarily match their skill set but to make ends meet you have to take those. Now were seeing a time where employers are hiring more people, so people are not only leaving those jobs but going out and being more competitive in types of jobs they want to take," said Pittman.
As for 2015, he said we should continue to see these trends and he expects more higher-wage jobs to come onto the marker. He also said right now the unemployment rate is around 5.8%, but that it could go down to the 5.3% range in 2015 which would bring the rate back down to average; the first time for that in quite some time.
Pittman predicts that the service industries will be hiring a lot of workers in the new year. Again is all goes back to consumer confidence. More workers will be needed in banking, car and home sales as well as industries like insurance to insure the new cars and homes people are buying again.
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