U.S. Business Work Force Plans to Increase, Says Industry Survey
Businesses throughout the United States have needed a boost for quite some time, and according to a National Association for Business Economics industry survey, they may get just that. A recent Insurance Journal article discusses the results of the assessment, reporting that the insurance industry and other U.S. companies expect to add to their work force within the next six months.
More specifically, the survey, which was held between March 25 and April 10, reveals that 37% (compared to 29% in January) of the 67 members who participated in the survey anticipate an increase in payrolls.
With businesses expecting to help curb the high rate of unemployment in the U.S. by increasing the rate at which new employees are being hired, recovery should gain speed, especially if the conditions of businesses keep improving. According to the survey, most of the participants within the finance, insurance and real estate businesses hope to increase their incoming rate of new employees by the end of the first half of this year.
The article cites William Strauss, senior economist at the Federal Reserve Bank of Chicago and economic adviser for the NABE, in saying, “After more than two years of job losses, job creation increased in the first quarter.”
According to the article, the survey claims that more businesses are resupplying their stock of goods and redeveloping inventories after liquidating them to all-time low levels during the recession in order to handle the feeble demand. The labor market has shown improvement and contributed to a boost in manufacturing movement. The survey also showed that while some firms focused on developing their stocks in hopes of heightened sales, only a few others actually lowered stocks in fear of anticipating low sales.
With more and more businesses getting ahead of their past debts, the largest job gain seen in three years was led by private sector hiring. As Americans witness that economic growth is not dead, it will be interesting to see whether that pace of business improvement continues and what other potential businesses will join in on the race.
