For the second straight month, there is reason for optimism in the jobs report. The economy continued to show signs of recovery as jobs were added in January, marking two consecutive months of better than expected growth. Many early reports had also speculated that the unemployment rate would hold steady at 8.5 percent, but that number dropped to, the lowest number since February 2009. This is the fifth consecutive month that the unemployment rate has shrunk.
Adding to the optimism is the fact that the Bureau of Labor Statistics (BLS) also revised its December 2011 jobs report, showing that jobs were added in the month, instead of the initial report of 200,000.
We at TechElect have long argued that the tech sector continues to perform admirably in spite of the recession. We've also argued that the tech sector will continue to be the foundation for economic growth in 21st-century. The Bureau of Labor Statistics' (BLS) recent support our claims. BLS reported that the sector employed nearly 2,000 more people in January 2012 than it did in December 2011. It was also reported that experienced growth, as 3,000 more employees found work in this sector than did in December 2011. While experienced a slight contraction between December 2011 and January 2012 (down about 2,000 jobs), the industry's overall performance paints a bright picture, as it netted about 5,000 jobs since January 2011.
What do these numbers tell us? The tech sector has the unique ability to treat the disease and not just the symptoms of a recession. Innovators in the sector are consistently anticipating what consumers need and want in their lives. The ensuing demand creates job opportunities. So instead of shedding overhead, tech companies are able to create new and innovative products, add jobs, and help spur economic growth.
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