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As we approach the New Year, we have seen a significant surge in job growth for November. According to the Labor Department, nonfarm payroll grew by 266,000, and the unemployment rate dropped to 3.5 percent setting us at a 50-year low with increased wages.
At 3.5 percent, November was the 21st consecutive month with an unemployment rate of 4% or lower. These are cheerful numbers pouring in just in time for the holiday season.
There are some concerns amongst business owners that growth may slow, due to trade and political uncertainty. However, consumers keep spending, and employment increases show no signs of slowing.
Source: U.S. Department of Labor
In a growing economy, businesses are depending on staffing companies more than ever to source qualified candidates. The cause of this is the number of options job seekers have today. Employers need to hone in their employee engagement to be successful at attracting and keeping top talent.
Additionally, due to the abundant amount of jobs available, the American Staffing Association predicts that 48% of employed individuals are likely to look for a new job next year. Not only are they looking for a new job, but 38% also said they are considering a complete career change.
Source: American Staffing Association
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Since 1994, TCI Business Capital has provided payroll funding solutions to staffing agencies across the United States. Payroll funding pays you immediately on your invoices, so you’ll be able to meet payroll, accept more contracts, and grow your agency. Visit our payroll funding page to learn more about our services.