The US Jobs Report for February is out today, and it shows that unemployment held steady at 9.7%, beating economists' expectations (it was predicted that the rate would nudge up slightly to 9.8%). Last month's snowstorms that battered the east coast might have skewed results - but whether they were impacted positively or negatively seems to be a moot point.
One highly encouraging trend is that there were more jobs again for temporary workers in Feb. 48,000 temporary posts were added, and this is the seventh consecutive month that we have seen an uptick in temp positions. This gives cause for optimism because an increase in temporary hiring has historically been a precursor to full-time hiring. Companies are beginning to see some demand for their products and services, but uncertainty remains as to how sustainable and robust that demand is, so they are holding off hiring permanent staff until the picture becomes clearer. However, the demand is there, so they need more manpower to get their goods out, which is why they turn to temporary workers in the first instance.
A mood of cautious optimism is the order of the day, with an upswing in permanent hiring still a bit farther down the road yet.
Link to jobs report:
http://news.bbc.co.uk/2/hi/business/8552021.stm
