|
That confirms other data that show service companies have stepped up hiring. The government said last month that service firms added 176,000 jobs in January, the most in four months. On Friday the government issues its February jobs report. Economists expect another big month of job gains; the latest forecast predicts 210,000 total net jobs were added last month, according to a survey by FactSet. Big job gains at service firms are necessary to reduce unemployment. Factories are creating a lot of new jobs but the sector isn't large enough to employ that many people. The service sector includes low-paying positions in retail and restaurants. But it also has higher-paying jobs in professions such as information technology, accounting and financial services. There are some recent signs that consumers are willing to spend more, a good sign for the service sector. Retail sales rose moderately in January, according to a government report that showed consumers rebounded from weak holiday spending. Americans spent more on electronics, home and garden supplies, sporting goods, and at restaurants and bars. On Thursday, many large retail chains, such as Target and Macy's, reported healthy sales gains in February. The International Council of Shopping Centers said that its tally of 20 retailers showed that sales rose 6.7 percent last month, compared to a year earlier. That was the biggest rise since June. Rising job gains have made consumers more optimistic. Consumer confidence reached its highest point in a year last month, the Conference Board said last week. Employers have added an average of 200,000 net jobs per month for the past three months. That's pushed the unemployment rate down to 8.3 percent, its lowest rate in nearly three years.
[Associated
Press;
Copyright 2012 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries
Community |
Perspectives
|
Law & Courts |
Leisure Time
|
Spiritual Life |
Health & Fitness |
Teen Scene
Calendar
|
Letters to the Editor