Jobless Rate Down to 7.8%; Holiday Hiring 2012 Looks Promising
There's a bit of good news for the U.S as the unemployment rate dropped to 7.8 percent in September.
On Friday, the Labor Department announced that since August the percentage dropped by 0.3 with the addition of 114,000 jobs.
Many people are still looking for work and this holiday season may be a good start to see lower unemployment figures for 2013.
A survey done by the Hay Group in September assessed that more retailers are planning a large amount of hires for the upcoming sales season.
Retailers are reporting that they're more confident in the efforts of consumers to shop to their fullest giving the companies more security to hire additional workers. The Hay Group, a global management consultancy company, stated that 75 percent of retailers are looking for an increase in sales this holiday season.
With this new confidence, companies are planning to hire 36 percent more employees. This is a boost from last year where there was only a 10 percent increase in seasonal hires.
Kohl's Corp. is planning to hire more than 58,000 holiday employees nationwide this season, up more than 10 percent from last year.
In a statement from Craig Rowley, vice president and global practice leader for Hay Group, he says that: "After four years of economic turbulence, they have figured out how to operate in an uncertain business environment, and are calm and cool, rather than concerned, as they head into the holidays."
Maryam Morse, national reward practice leader at Hay Group, added that "retailers are on the 'nice list' this year." She continued stating: "One of the lessons learned during the downturn was that stores need to be able to respond more quickly to shifting market conditions and consumer preferences. Now, inventory is better managed, the supply chain is more effective and retailers have a clear plan for promotions to move the merchandise. With sales improving, retailers are placing more emphasis on retaining and rewarding employees and identifying career paths for top talent."
Other companies are following Kohl's lead. Toys R Us announced that it would hire 45,000 holiday workers, up 13 percent from last year. Wal-Mart is looking to hire 50,000 employees by mid-October.
The issue of how to deal with the nation's unemployment is a big factor for many voters this November. The 7.8 percentage is the lowest for President Obama since he first took office, according to the New York Times.
