WESTFIELD – With the addition of 243,000 jobs in the United States last month, the national unemployment rate dropped to its lowest point in three years at 8.3 percent.
Gov. Deval Patrick gave credit to President Barack Obama for the job increase.
“This is great news for those back to work and hopeful news for those still looking. The President’s efforts to rebuild this economy have delivered consistent results, and demonstrates again that, unlike his challengers, he is about lifting people up rather than tearing people down.” said Patrick.
Candidate for congress Bill Shein said while this is good news, there are still many unanswered questions.
“Noticeably absent from most news coverage and commentary are key questions: What kind of jobs are being created? Are they durable and lasting? Do they pay a living wage? Do they include good health care benefits? Sick pay so a parent can stay home with a sick child or stay home when they’re sick themselves? Paid vacation? Opportunities to learn new skills? Work that offers a meaningful contribution to one’s community?” said Shein.
Shein stated that a report from Princeton University last fall found that those who lost jobs during the recession but have since found work now earn, on average, 17.5 percent less than before. And, according to the report, wages and household income have both been flat, or declining, for some time, all while corporate profits soar and Wall Street banks foreclose and evict families from their homes.
“Cleary, we must do much better,” Shein said.
According to the Associated Press, the leisure and hospitality industry, which includes restaurants and hotels, added 44,000 jobs. Retailers added nearly 11,000.
Westfield State University (WSU) Career Center Director Junior Delgado said the unemployment rate drop is good news.
“It is definitely a positive,” said Delgado. “The governor was talking about it yesterday and said Massachusetts overall is faring better than the rest of the nation, and it is encouraging to see that.”
Delgado said companies are hiring locally.
“We are seeing positive signs across Western Massachusetts,” he said. “That can only lead to good things.”
WSU is hosting a job/graduate and internship fair this month to showcase what is out there for local jobs. The event is set for Feb. 29 from 1:30-4 p.m. at Scanlon Hall and is open to the public.
Delgado said there are a variety of careers looking for qualified candidates, including the computer field.
“We continue to see the computer industry looking for IT candidates,” he said. “They want well-rounded candidates who not only know IT, but have communication and customer service skills.”
Delgado said employers have the upper hand right now and they want the best of the best. To make a good first impression at job fairs – or in any situation when seeking employment – Delgado said you have to look the part.
“You should dress professionally,” said Delgado. “You have one shot to make a first impression and professional dress will set you apart.”
The report Friday from the Labor Department sent money pouring into the stock market, already off to its best start in 15 years because of improving confidence in the economy, and out of more conservative investments in bonds. The Dow Jones industrial average shot 160 points higher to 12,865 in the first hour of trading. That is 55 points better than its highest close since the financial crisis struck in the fall of 2008.
The unemployment rate was down two notches from the 8.5 percent reading in December. It was also the fifth consecutive month the rate has fallen, the first time that has happened since late 1994.
Employers have added an average of 201,000 jobs a month in the past three months. That’s 50,000 more jobs per month than the economy averaged in each month last year.
The Labor Department’s January jobs report was filled with other encouraging data and revisions. The economy added 200,000 more jobs in 2011 than first thought.
Even with the gains, the job market faces a long way back to full health. The nation has about 5.6 million fewer jobs than it did when the recession began in late 2007.
There are still 12.8 million people out of work, though that is the fewest since the recession ended. An additional 11 million are either working part-time but would prefer full-time work, or have stopped searching for jobs.
When all those groups are combined, nearly 24 million are considered “underemployed. The so-called “underemployment” rate ticked down in January to 15.1 percent, from 15.2 percent.
Shein said that’s not good enough.
“To build an economy that truly works for all of us, we need to invest in new and creative ways to keep jobs and wealth in our communities, with institutions and enterprises that are locally based. The long-term hollowing out of our economy by public policy that favors Wall Street and large corporations over Main Street and local business must be highlighted at every opportunity,” said Shein.
