Good News / Bad News

By bcchrisc • October 10th, 2014

With a new jobs report released last month, it’s no secret that the economy is still drastically recovering from its 2008 downfall. Overall, locally the economy in Alexandria continues to grow as new job opportunities open up in light of office expansion and the relaunch 0f Springfield Mall. Though, throughout the Washington DC area, it seems that employment rates will be worse before they become better. In a Washington Post article last week, Journalist J.D. Harrison explains this slow growth. “The area’s unemployment rate ticked up to 5.2 percent after three straight months at 5 percent and, before that, three straight months at 4.8 percent. It’s also higher than the 4.9 percent where it started the year — not a good sign, considering this was supposed to be the year that the Washington economy finally bounced back from a years-long slump.”

So what does this all mean? The work force is continuing to rise slowly; however, industries such as entertainment and leisure have seen a large jump in numbers in the past year. “Some of the industries less dependent on government do appear to be bouncing back, at least in comparison with the professional services and federal government sectors. Local leisure and hospitality companies, for example, which were hit hard by the economic downturn, continued to rebound, adding 8,000 positions. Not once this year has that industry posted year-over-year job gains under 6,000.”

If you are in the area and need guidance or have particular questions about the market, we can help.

Source: http://www.washingtonpost.com/business/on-small-business/washington-regions-unemployment-rate-resumes-its-climb-now-up-to-52-percent/2014/10/01/9425c4f2-4900-11e4-b72e-d60a9229cc10_story.html

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