Driving the Day: 12/7/12

Dec 7, 2012

Need to know…

  • November Jobs Report Better Than Expected. Jobs continued to grow slowly in November, adding 146,000 nonfarm payroll jobs. The report was much better than economists expected, particularly due to the effects of Hurricane Sandy and the continuing economic uncertainty in Washington. The unemployment rate lowered to 7.7%. Economists now expect the hurricane's impact to be more accurately reflected in next month’s jobs report.
  • Businesses Plan to Reduce Workforce in 2013. A growing number of small businesses are planning to shrink their workforce in the first half of 2013. The Wells Fargo/Gallup Small Business Index finds that in November, 21% of small business owners expected to reduce their number of employees over the next six months. This is significantly higher than the 10% recorded when the index was last compiled in July. What is more, the number of small business owners planning to hire fell to 17%, down from 20% in July. Business owner sentiment was influenced in part by ongoing fiscal uncertainty and the continuing effects from Hurricane Sandy.
  • Michigan’s Right to Work Legislation Moving Quickly. Michigan is on track to become the 24th right-to-work state. Measures passed by the state House and Senate could be ready for Governor Rick Snyder's signature by next week. The Obama Administration has spoken out against the legislation, while the Chamber’s Glenn Spencer tells the Detroit News: “Workers in Michigan should not have to choose between financially supporting a union or losing their jobs.”

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