With 2012 fast approaching, is the economy stable enough to support looking for a new opportunity?
If you are a good sales person you should always be selectively keeping your ear to the ground and listening for new opportunities. It's when you are at the top of your game that you are most marketable. With so much economic uncertainty in the market people are becoming complacent. They stay in positions where they may not be happy or fulfilled because of fear of the unknown.
In mid October a small group of the Treeline team attended a symposium on the hiring trends for New England in 2012. The keynote speaker was Mike Goodman of the Massachusetts Donahue Institute. Goodman talked about how New England has some interesting advantages as we move into 2012. While we have been hit hard in the construction and housing market we are incredibly strong when it comes to technology.
Goodman credited the saturation of colleges and universities in the area for the continued growth in the technology market. They have provided sustained innovation and the breeding ground for new companies and employment.
Goodman's hypothesis is that we will continue to see drastic changes in the stock market for the foreseeable future, but the local economy will continue to be stable.
According to a new report released by the University of Massachusetts, the state's economic recovery continued to outpace the nation's, although economists predicted shrinking global demand for the state's technology products could hurt future growth.
The quarterly report on the state economy noted that the better-than-expected growth will help the state likely avoid a second, or "double dip" recession. However, the pace of growth appears insufficient to make a significant dent in unemployment. The unemployment rate in Massachusetts was 7.3 percent in September, compared to 9.1 percent nationally.
Massachusetts' economy grew at an annual rate of 3.9 percent between July and September, up from 3.4 percent in the previous quarter. The U.S. economy grew at a 2.5 percent annual rate during the same period, nearly doubling from 1.3 percent pace in previous quarter.
The report, however, projected that the state economy will slow to 2.7 percent growth rate in the last three months of this year, noting several risks on the horizon. Among them: an economic meltdown in Europe and the possibility that US political leaders could fail to resolve the nation's debt problems. European leaders have reached agreement on a package aimed at addressing debt and banking problems.
These economic variables and risk factors have had an effect on economic growth and specifically the unemployment rate. The fear of the unknown continues to dissipate throughout the nation.
Do you agree with Goodman's hypothesis? Will New England's economy continue to be stable? How will the technology industry effect sales hiring?
Woolhouse, Meghan. "Mass. Economic Recovery Continues to Outpace Nation%u2019s – Business Updates – Massachusetts Business News from The Boston Globe." Business Updates from The Boston Globe. Boston.com, 27 Oct. 2011. Web. <http://www.boston.com/Boston/businessupdates/2011/10/mass-economic-recovery-continued-outpace-nation/EYtU871A1FQ8CzLYPynRLI/index.html>.