Monthly Economic Report: February 2014

Posted by Paladin on February 20, 2014

A Summary of the BLS Report for the professional and business services industry. Based on January 2014 data.

January Jobs Report Disappoints as predictions fall short

As evidenced by the BLS’ “The Employment Situation – January 2014” report, the United States’ economic recovery is still occurring at a steady, yet not fully consistent, pace. While original predictions for January were set at 180,000 new jobs, only 113,000 new jobs were created, thousands less than most economists had forecasted.
113,000 new jobs were added in January
Many are blaming the bad weather seen throughout most of the U.S. as a major cause of the disappointing January report. But the most recent BLS release disputes this theory stating, “In order for severe weather conditions to reduce the estimate of payroll employment, employees have to be off work without pay for the entire pay period. Employees who receive pay for any part of the pay period, even 1 hour, are counted in the payroll employment figures.”

The unemployment rate —at 6.6 percent —dropped marginally in January, just shy of the October 2008 rate of 6.5 percent. Over the last three months, the jobless rate has shown a steady decline, dropping by 0.6 of a percentage point. The total number of persons employed (as measured by the BLS household survey), increased by 616,000 over the month, and now sits at a total of 10.2 million.
National unemployment rate
One silver lining to the otherwise lukewarm report was the revisions made in total nonfarm payroll employment for November and December 2013.
While the revised data only showed an addition of 1,000 jobs in December, 33,000 additional jobs were added to the November totals. This change shows that 274,000 jobs were added in November, which was the most since January 2012. These revisions also show that 2013 outperformed 2012’s job creation numbers by 86,000 — further proof that the economy continues to improve at a gradual rate.

Industry Insights

Execs from Wendy’s, RadioShack, Avis Discuss the Importance of Data, Risk-Taking
Source: AdvertisingAge.com | By: Jack Neff

After years as the butt of other people’s jokes, RadioShack spent $4 million on a Super Bowl ad earlier this month to make fun of itself, opening with this line: “The ‘80s called: They want their store back.”

Developed on the recommendation of agency GSD&M late last year and never copy tested, the ad risked reinforcing an image RadioShack CMO Jennifer Warren had heard countless times from shoppers since she took the job nine months ago. But it was really about announcing to as many people as fast as possible that RadioShack is remaking its stores, merchandise and image.

Getting to take big risks on marketing’s biggest stage points to why being a turnaround CMO can be so attractive, according to marketers, consultants and recruiters. The job calls for bold moves that draw major attention, and higher-ups are more willing to take risks because the risk of inaction or half measures is bigger.

Of course it takes more than one ad to change the public’s perception. Turnarounds are about rebuilding the business as well as the brand and require talking to consumers, extensive data and analytics, and major changes to merchandise, services, in-store experience and the rest of the operation.

Read more to learn prominent CMO’s secrets on what it takes to turn an iconic brand around

Posted in: Employers, General, Hiring Information, Jobs Reports, Monthly Economic Reports, Workplace Economic Reports Tags: , ,

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