job fair employmentPresident Barack Obama's renewed push on improving the nation's stagnant economy has many pundits wondering whether the initiatives he laid out last week aren't too little too late to stem losses at the polls come November. A recent NBC/Wall Street Journal poll among likely voters showed that the outcome overwhelmingly favors Republicans winning control of Congress.

Whether Obama's $50 billion program, which includes tax credits for businesses to spur capital spending and infrastructure spending on roads and bridges, is enough to sway voters, remains to be seen. But a fresh batch of data show that the job market may finally have turned the corner despite last month's uptick in the national unemployment rate to 9.6%.

The Fewest Layoffs Since June 2000

First, there was last week's Labor Department report that showed initial claims for unemployment benefits unexpectedly fell by 27,000 to 451,000. The four-week moving average, a more-telling barometer, also declined 9,250 to 477,500, while continuing claims dropped 2,000 to 4.48 million.

Then, earlier this month, another indicator showed that employed Americans can feel more secure that they will keep their jobs. The number of announced layoffs fell to the lowest monthly total in more than a decade in August, according to a report by employment-services firm Challenger, Gray & Christmas.

At just under 35,000, August job cuts fell 17% from the 41,676 cuts announced in July, marking the first decline following three consecutive months of increases, Chicago-based Challenger said. August not only replaced April as the lowest job-cut month of the year, it represents the lowest since June 2000, when employers announced only 17,241 planned layoffs.

Hiring Is Up Across All Sectors


The lack of massive culls of workers from nation's largest firms is another positive indicator that the U.S. job market may finally be headed in the right direction. Gone are the epic cuts announced in 2008 and 2009, when Citigroup (C), General Motors, Berkshire Hathaway (BRK.A) and Starbucks (SBUX) each cut tens of thousands of jobs.

Further, as U.S. News & World Report points out, every major employment sector is hiring, according to a sampling by job search engine Indeed.com. In the 12 industries Indeed.com monitors, hiring rose significantly in August compared to a year ago. The biggest surge was in transportation, where job postings jumped 119%, but information technology, manufacturing and media and newspapers also saw strong gains, up at least 61% above year-ago levels.


Then there's one other quirky nugget of information dug up by Challenger: Sales of men's suits are on the rise. Citing better-than-expected quarterly earnings at Men's Wearhouse (MW), Challenger says increased suit sales may mean more people -- men, at least -- are going on interviews. Although, the firm says there was no indication from the Houston-based retailer for the reason behind the sales boost.

After years of a trend toward more casual dress in the workplace, Challenger CEO John Challenger says many job seekers simply don't own a suit that fits or is in fashion. "So, they are heading out to restock their suit collections."

Whether suit sales or any other barometer can predict an uptick in the job market is anyone's guess. But one thing is for sure: with 8 million jobs lost since the start of the recession in December 2007, many more months of promising data are needed before everyone looking for job can finally find one.

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Iselin007

Why is it when they release a new version of Windows people lose their jobs? Back in 2002 I had retraining with Windows 2000 now 3 Windows later the jobs are still leaving!

September 14 2010 at 8:27 AM Report abuse +1 rate up rate down Reply
Iselin007

They should put the cheese lines next to the rest rooms so I can process it.

September 14 2010 at 8:22 AM Report abuse +1 rate up rate down Reply
Iselin007

I need SSI now or at least a job!!!!

September 14 2010 at 8:19 AM Report abuse +1 rate up rate down Reply
Iselin007

Retire us already then you won't have to fake creating jobs!

September 14 2010 at 8:18 AM Report abuse +1 rate up rate down Reply
Iselin007

We went from "Got Milk ?" to "Got Job ?" in less time than it takes to shave your arse and walk backwards!!!

September 14 2010 at 8:14 AM Report abuse +1 rate up rate down Reply
Patty

Good grief...the spin from the liberal media machine is making americans dizzy.

September 14 2010 at 8:10 AM Report abuse +2 rate up rate down Reply
1 reply to Patty's comment
tgemign

I suppose you had as much a problem with the liberal media when it was proven that the Bush administration lied to us about "weapons of mass destruction." Enough is enough! He said, she said arguments will never solve what has already occurred. Polarization is not a solution. We need to get it together America!

September 14 2010 at 10:38 AM Report abuse rate up rate down Reply
Iselin007

The Military is selling Saudi Arabia F15's which means they will be building them there a loss of more American jobs! We lose jobs on exports this job market is rigged!

September 14 2010 at 8:07 AM Report abuse +3 rate up rate down Reply
Patty

Well, if you read, Obama is about to tank another 150,000 jobs........a little here............and a lot more ................out.

September 14 2010 at 7:33 AM Report abuse +2 rate up rate down Reply
paebigpoppa

The truth is that the same idiots that voted for Obama are the same idiots that would rather not work and lay around eating food stamp burritos and gub'ment cheese while they collect 2 years of unemployment checks !!!!!!!!!!

September 14 2010 at 6:15 AM Report abuse +6 rate up rate down Reply
4 replies to paebigpoppa's comment
priced2cel

YEAH THERE ARE OR WILL BE MORE JOBS HAAAAAAAAAAAAAAAAAAAAAA WHAT A LIE. ONE RECENT JOB I APPLYED FOR THE EMPLOYER SAID THERE WAS 300 TO 400 APPLICANTS FOR 1 JOB. HAAAAAAAAAAAAAAAAAAAAAAAAAAAAA

September 14 2010 at 5:56 AM Report abuse +4 rate up rate down Reply