Economists predict steady job growth will sustain recovery

May 10, 2012
Economists predict steady job growth will sustain recovery

A survey of 32 leading economists points to strong job creation in the first few months of the year with optimism that the trend will sustain greater economic growth throughout the rest of 2012.

Unemployment was 9.8 percent in November of 2010, but the economists surveyed predict that it will drop below 8 percent by November of this year.

From January to March, the economy added an average of 212,000 jobs every month. This growth is expected to decline slightly, with 177,000 jobs expected to be added each month from April through June, and an estimated 189,000 jobs per month for the rest of the year.

Despite the decline, growth is still going to be much higher than last year, when the average rate of job creation was only 158,000 per month.

Also, the economy only grew by 1.7 percent last year. This year, the growth rate is expected to be around 2.5 percent.

Phillip Swagel, a University of Maryland economist, explains that “the job market is improving enough that consumer spending can grow,” which means that “businesses are finally confident enough to hire and invest.”

This is good news, but companies still need to do the dirty work of matching applicants to open jobs. Any businesses looking to expand should be aware of the benefits of letting corporate recruiters play a role in their search for qualified candidates. Nothing compares to the experience of having a full-time hiring firm on the job, especially when it comes to filling high-level executive positions. Professional recruiters bring their experience to the table and are also able to dedicate themselves completely to the task at hand, leaving the client company’s staff free to focus on their main responsibility: running their business.

Additional Articles

Browse More