According to the Department of Labor, employment growth picked up speed in November, pushing the nation’s unemployment rate down to 8.6 percent — its lowest level since March 2009.
While many are attributing the increased growth to the seasonal opportunities presented by the holidays, it is still a positive sign for the economy, seasonal hiring offers potential tax credit opportunities for hiring companies.
Many companies fail to realize that as long as an employee works a minimum of 120 hours, (which is fairly easy to do in a holiday season), they may offer tax credit opportunities to hiring companies.
The job growth reported in November indicates extensive potential tax credit opportunities as more than half the jobs added last month were by retailers, restaurants and bars. Retailers added 50,000 workers, the sector’s biggest gain since April. Restaurants and bars hired 33,000 workers. The health care industry added 17,000, offering a significant amount of job growth and in turn, tax credit opportunities.
“The labor market is gradually healing. It’s a glacial pace, but we are taking small steps in the right direction,” said Ryan Sweet, a senior economist at Moody’s Analytics in West Chester, PA.
This certainly is good news for economy and hopefully a positive foreshadowing of a rebounding job market in 2012.
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