Economy Looking Up Employment Scenario to Improve & Inflation to Fall

There is reason to cheer -reports indicate that many large companies are planning to hire, an indicator that recession is firmly behind us and the economy continues to move in a positive direction.

Companies looking to hire

Recruitment in the first three months of 2010 saw an increase of 13% compared to the same period in 2008. With improved sales, companies are increasing their production and consequently hiring more people to support their growing operations. This is a huge improvement from 2008 and 2009, which not only saw massive layoffs, but also a freeze on recruitment for an indefinite period for most companies across the country.

Some of the sectors that are seeing an increase in payrolls include manufacturing, construction, banks, retailers, and restaurants. The number of part-time positions have also increased substantially, providing some disposable income to the average American.

However, hourly wages saw a dip compared to the previous year. While the increase in employment is a silver lining, there are some reports that suggest that the after effects of the recession may take some more time to disappear completely. The unemployment rate currently stands at 9.7 per cent, with some states still suffering from double-digit unemployment numbers. But even small jumps in employment are welcome. Meanwhile, the Obama administration seems to be doing all that it can to provide unemployment benefits, loans to small businesses, and health care benefits to laid off workers.

Inflation to fall

The rate of inflation stood at 2.3% in the month of March but it is forecasted to go down over the next few months and the prediction for March 2011 is 1.34%. Food prices and new vehicle prices saw increases of 0.2% and 0.1% respectively in March. Healthcare prices rose by 0.5%. Energy prices were up about 4% while tobacco product prices were up by 0.4%.

Professions likely to see highest growth

A new research by the Bureau of Labor Statistics has listed occupations it expects to grow at a fast rate in the next few years. The top spot goes to the field of biomedicine, which is projected to grow at a stellar rate of 72%. The demand for customer service professionals is also expected to spike.

Another popular choice that is poised to see quick growth is nursing. The next few spots are occupied by systems analysts, scientists in medicine and chemistry, dermatologists, personal finance experts and sports trainers.

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