The November 2011 US Jobs report came out today with an unexpected huge decline in the unemployment rate. Expectations were hovering around a 9.0% national unemployment rate. Much of decline in the unemployment rate was due to people leaving the job market and the rate reports only those seeking employment; however, the economy did add 120,000 jobs which is an increase from the 100,000 jobs added in October 2011.
A staggering 13.3 million people are still without a job and 43% of those have been unemployed for more than 6 months.
What does this mean for the Tampa job market? This is certainly good news as it will directly impact tourism and travel which has already seen significant signs of improvement. On November 20th, the Port of Tampa experienced a record setting number of cruise passengers through the gates.
The Consumer Confidence Index rose from 40.9 to 56.0 representing a drastic increase above most expectations.
The economic recovery is certainly gaining momentum but an increase of 125,000 jobs a month is still needed to at least keep the unemployment rate steady. More stimulus by the Federal Reserve may be in the pipeline to fuel the recovery and aid in continuing to add jobs to the economy.
Be sure to check out the Jobs Section on 813area.com for the latest jobs in Tampa, salary calculators and tips for an effective job search.