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Posted on Fri, 02/3/2012 - 10:30 PM by
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Jobs. What’s more important to an economy (and a household for that matter) than for people to be working? Of course there’s many factors but no matter who you are, employment and jobs are right up there at the top of the list of what is needed for a healthy and vibrant economy. That’s why I am rejoining at today’s jobs report.
The jobs report that came out today said that unemployment is at a 3 year low of 8.3% – according to the Bureau of Labor Statistics – and that we added 243,000 private sector jobs in January. Not sure about you but I like that. The market was looking for 150,000 new jobs so expectations were exceeded. I realize it’s not the 4.5% unemployment we had in 2Q 2007 but it’s also not the 10.0% we had in 4Q 2009 so we’re heading in a better direction. And, yes, I agree that we have a long way to go but I like the current trend. What else am I (cautiously) optimistic about? Small business lending is slowly beginning to come back. About 15 months ago we heard from Bank of America that they planned to hire 1000 people primarily dedicated to the small business sector by 2012. Citi announced some impressive “results” – and, by the way BofA, you get more cool points for results than you do for intentions! Chase has also recently announced some great strides in the small business lending “results” category. I agree with my friends and colleagues who contend that it was the local banks and smaller banks who helped us through The Great Recession with their SBA-backed lending efforts so I mean no slight to them when I say I’m happy about the direction of lending in the big-bank category. So while the Negative Nancy’s are rolling their eyes at me and the Positive Peggy’s are ready for the big celebration here’s why neither of those extreme’s is the right place to be. 8.3% is still too high and we want a lower unemployment rate. Additionally, since we live in a global economy where ripple effects cross borders and can circle the globe, the larger concern is how the European debt defaults will impact both the world and the US economy. Greece is close to a likely default in the next month or two and some of their neighboring countries are looking at the same issue on the not-too-distant horizon. Let’s not forget the global impact that was felt by our own US subprime mortgage defaults that have all occurred just in the last 5 years. Wasn’t it Ben Bernanke or Alan Greenspan that said, “It’s a global economy, dude?” Okay, maybe not but you get the point. If the trend of lower unemployment continues like it has for the last 6 months then we’re all likely to be happy. Housing is still not good but can you imagine what would happen if more people get back to work and then those same people buy or refinance their homes since rates are at historic lows and then that creates more jobs in banking and lending and the unemployment percentage continues to decrease even more? That’s one reason the Fed is keeping rates low – let’s call it the New Fed Stimulus Package or the NFSP…what do you think? I like how William Dunkelberg from the NFIB summed it up “The market was looking for 150,000 jobs, and we got 257,000. We’ll rejoice, and hope for another good month next month.” Job Photo via Shutterstock MORE NEWS FROM SMALL BUSINESS TRENDSNominations Are Open for the Small Business Influencer Awards!Does a special person or company come to mind when you think of someone or something important in the world of small business? Perhaps you think of a client of yours. Or maybe a favorite vendor or supplier, or a software app that has transformed your small business or made it more profitable. Or perhaps you think of a favorite journalist who covers issues important to small businesses. G8 Leaders Call for Growth: Six Things You Can DoLeaders the world over including those at this week’s G8 Summit are calling for economic growth, not just budget tightening, in an effort to combat world market instability and speed recovery. But for all the talk in policy circles, this growth will ultimately come from the private sector and especially here in the U.S., from small to medium sized businesses that create many of the jobs and employ many of the workers already in our economy. Here’s a look at the economic growth G8 leaders are calling for and six things you can do to promote growth in your business today. Can a Gas Tax Fuel Clean Energy Innovation?With gas prices already reaching nearing $4 per gallon in many places, most business owners don’t relish the idea of them rising even further. Yet, some people are still calling for the government to deliberately increase them – by raising the gas tax. What Job Are You Helping Your Customers Do?Marketing is often described in terms of a product life cycle. The development, the launch, continued support, and finally, discontinuation all have specific marketing efforts associated with them. From social contests to reduced prices and giveaways, the emphasis is nearly always on the product or service provided. However, this does not take into account the way that customers actually search for and find products. Small Business Loans and Small Loans to BusinessA few weeks ago, I wrote about the decline in “small loans to business” during the Great Recession and economic recovery that followed. Now I am back to tell you that data on “small business loans” paints an even worse picture of the small business credit markets. RELATED SMALL BUSINESS NEWSHow Ads on Your Site Can Affect SEO (Video)Your search rankings could be suffering if there are a number of advertisements above the content on your website. ... SBA Seeks to Boost Small-Dollar Loans With New Push (Video)The SBA is looking to increase the number of smaller loans in underserved communities with a new push. ... You’re the Boss Blog: A Start-Up Wants to Help You Cut Through the Clutter and Noise OnlineOne concern: the pitch could have done a better job of discussing the potential for competition. ... First State Bank Of Nebraska Recognized As Community Lender For 2012The First State Bank of Nebraska has been recognized as the Rural/Community Lender of the year 2012. SBA has recognized the bank for its efforts in Nebraska. State Bank Nebraska has served the community in a number of ways. Want the Right Stuff? Start With Your Help-Wanted AdA top-performing team starts with writing a thorough and accurate job description. Consider these five tips. ... |
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