Why the latest jobs report should influence you to start and incorporate your own business
The latest jobs report was released today, and according to the Department of Labor, nonfarm payrolls grew a seasonally adjusted 214,000 last month. This was the latest in a stretch of months in which the economy added more than 200,000 jobs, a streak that dates back to February. It is the longest run this country has seen since 1995, according to the Wall Street Journal. Furthermore, the unemployment rate dropped to 5.8 percent, which is the lowest it's been since 2008.
Paul Ashworth of Capital Economics left a note for his clients saying that while the 214,000 added jobs in October is slightly below projections, it's still a positive report and there is plenty of reason for optimism.
"Although the 214,000 gain in nonfarm payrolls in October was slightly below the consensus forecast at 235,000, this was still, on the whole, a strong employment report," he said. "A massive 638,000 surge in the alternative household survey measure of employment pushed the unemployment rate down to only 5.8 percent."
Ultimately, the economy as a whole is continuing to trend in the right direction. People feel more confident about jobs and the market is providing more opportunities than it has in a long time. Of course, we never know where the economy will go in the future and when certain trends will change direction, so if you have thought about incorporating your business, now may be the right time to do it. Today is a chance to take advantage of the current economic state, so while not capitalize on this while you can?
Corporations & Companies can provide information on how to incorporate to help make sure your business starts off on the right foot.