Everyone was braced for bad economic news following the disappointing unemployment numbers of last week. However, the week may be ending on a good note following J.P. Morgan’s earnings report.
Catherine Ross, Gazelle Index VP, said on CBS Morning Show, “To those who say ‘I’ve already paid for this,’ (i.e. the highway systems) my answer is, ‘Sometimes you have to pay to keep what you have,”
Overall 12.3% more small businesses will be hiring than will be cutting jobs during the first quarter. The largest job gains will occur in information technology, management and administrative services, health and education, and wholesale. .
The Gazelle Index Survey indicated that 26.6% of small businesses iwould hire during the first three months of 2012 while only14.4% of small businesses indicated they would reduce hiring. The survey results are consistent with national economic data.
The economy and President Obama’s positive approval ratings are improving. Auto sales and retail sales are up, new claims for unemployment compensation are down and Congress appears likely to pass the payroll tax cut extension.
To understand how the economy is doing, most people look to the unemployment rate. However, other indicators may be even more important. It all depends upon where the economy is in the business cycle.
The February jobs report is the best since the recovery began; unemployment went down from 8.5% to 8.2%; 257,000 private-sector jobs were added and black unemployment declined from15.8% to 13.6%.
The tax disclosure of Mitt Romney , showing he paid just 14% on $21 million of income, improving economic conditions and the rising approval ratings of the President are potential obstacles to the Republican’s bid for the White House.
Unemployment went down in December from 8.7% to 8.5%. But more importantly, jobs increased in industries hardest hit by the recession, manufacturing, construction and retail.