The monthly Employment Situation Report was released on November 2nd, 2012 by the Bureau of Labor Statistics - only a few days prior to the election yesterday. Even though the report was released a few days after the super storm known as Hurricane Sandy made landfall over the Eastern United States, the storm had no effect on the data.
The US economy added 171,000 jobs in October, which marks the twenty fifth straight month the economy has added jobs, and the figures from August (from 142,000 to 192,000), and September (from 114,000 to 148,000), were also revised upward. According to The Examiner, since the month of July, the economy has added an average of 173,000 jobs per month. This figure is up from the average of 67,000 jobs per month from April through June. So far in 2012, the number of jobs created averages out to 157,000 per month. The average monthly jobs gain in 2011 stood at 153,000.
Most of the job gains were in the private sector; and the Labor Force Participation Rate also increased, to 63.8 percent. Total employment over the month of October rose by 410,000. The civilian labor force now stands at 155.6 million; and the employment to population ratio stands at 58.8 percent, after an increase in September of 0.4 percent.
Employment and background checks
As companies begin to start hiring again and the ‘cycle’ gets going, the importance of a formatted and valuable hiring process should not be forgotten. When you hire new employees, you want to be sure that they are trustworthy – which can be achieved through background screening checks such as drug screening, education verification and criminal record checks.
According to statistics from recent studies on drug abuse by American workers, workplace drug and alcohol use costs U.S. businesses an estimated $100 billion each year. Furthermore, almost 1 in 3 failed businesses that may have been saved had employment screening occurred. Can you really take the risk of not performing proper checks on your new hires?
Get in touch to find out how you can protect your business. Ultimately, it’s better to be safe than sorry.