The unemployment rate is at a five-year low, but it's not just because we're nearing the holidays and temp jobs are plentiful. The latest jobs report shows higher-paying jobs are up for grabs too, and Capital Region companies are fully on board. Innae Park explains.
CAPITAL REGION, N.Y. -- "There's a lot of activity out there that's really positive right now," said Anthony Hynes of Precision Valve and Automation, Inc., or PVA. The President and CEO of Cohoes Automation Manufacturing Company spoke on the general economy based on the success of his own books.
"We've had pretty steady, constant growth over the last five years to the point where we moved into this facility here, which is about 120,000 square feet from a facility that was only 30,000 square feet,” Hynes said.
This growth only backs up the latest jobs report.
The National Department of Labor said the unemployment rate is down to seven percent, which is the lowest it has been in five years.
Hynes said he could have predicted that because their products are in tune with consumer confidence.
"We rely on people buying cars. We rely on people buying coffeemakers. So we're tied to the general global economy like everybody else,” Hynes said. “I think a lot of these reports you're seeing now are things that we had been anticipating now for a few quarters.”
It is also not just your seasonal jobs causing the jump.
Renee Walrath heads Walrath Recruiting, Inc., and as a head hunter, business is soaring.
“People are definitely hiring, companies are definitely growing and the economy's definitely getting better,” Walrath said.
More of the 203,000 jobs added to the national economy in November are from higher-paying industries, like manufacturing, construction, and health care. Walrath can attest to that.
"We're seeing more jobs come to us, more higher level jobs as well," Walrath said. "We've placed a few different executive level positions this year.”
She herself is not afraid to boost those numbers with the companies she works with if it is a great fit.
"They may not today realize that they need a CFO," Walrath said. "If we see somebody would help the client grow, we'll reach out to the client.”
Consider it a gift of more growth in this season of giving. The numbers fared better than economists were expecting. They were predicting 180,000 jobs.