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Friday, April 01, 2011

Economy Continues Adding Jobs in March 2011

As we continue to dig out from the Great Recession, it is great to see the economy adding jobs. The March unemployment rate dropped to 8.8% on a nationwide basis. Even the relatively high oil prices are helping the jobs outlook. The recent news on liquefied natural gas and oil shale production points to significant employment potential.

During my 9 years working in the oil patch here in North America, I remember excellent wages at all levels. Our dishwashers and housekeeping staff in Northern Alberta and Alaska were earning over $60,000 a year in 1989.

My prediction of an unemployment rate below 8% by year end looks safe. Momentum is the key to a sustainable rate. With all the negative news recently, employers are still hiring workers.

Restaurants benefit from 2 income families who often have no time to cook and have the additional disposable income. Our industry is healing faster than the construction industry.

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