Wall Street Journal (02/09/12) Jeff Bater

U.S. jobless claims fell by 15,000 to a seasonally adjusted 358,000 in the week ended Feb. 4, the U.S. Department of Labor reported Thursday. The unexpected decrease that gave further indication the jobs market is improving. The previous week’s figures were revised up, to 373,000 from 367,000. Economists surveyed by Dow Jones Newswires had expected claims to climb by 3,000 to 370,000. The four-week moving average of new jobless claims decreased by 11,000 to 366,250, coming in at its lowest number since April 2008.

New York Times (02/09/12) Jackie Calmes

Economic advisers to President Obama have updated their forecasts in recent days and now project that the economy will create two million jobs this year if stimulus measures are extended, which could reduce the unemployment rate to about 8% by the end of 2012. Alan Krueger, chairman of the president’s Council of Economic Advisers, says the forecast was updated because the projection that will be published in the president’s annual budget is already “stale and out of date.”

The budget will project an average unemployment rate of 8.9% for 2012 and 8.6% for next year, based on economic conditions that prevailed in mid-November. Krueger notes the unemployment rate has declined “by an impressive 0.8 of a percentage point over the last six months and other job market indicators have improved” since November. “Private sector forecasters have shaved about half a percentage point from their 2012 unemployment rate forecast in response to the improvement in the job market since we made our forecast,” he states. Kreuger says the administration’s new outlook depends on the passage of Obama’s economic stimulus proposals, chiefly an extension through the year of a temporary payroll-tax cut and assistance for the long-term unemployed.

FINS (02/08/2012) Julie Steinberg

The U.S. Bureau of Labor Statistics estimates that the accounting profession will grow by 22% between 2008 and 2018, with as many as 500,000 jobs opening up. In a recent survey of finance professionals conducted by staffing firm Accounting Principals, half of all respondents indicated they expect their company to hire in 2012. Of the accountants surveyed, 74% said they are confident their firms will win new business this year, which would lead to more work and jobs.

Increased corporate revenue and profits are among the reasons for the positive trend. “More results means more transactions, more transactions means more accountants to oversee them,” says Brett Good, senior district president with Robert Half. Also, regulatory changes such as the Dodd-Frank financial reform regulation have resulted in a demand for accountants to verify transactions, notes Brendan Courtney, president of Mergis Group, a Florida-based recruiting firm.

BusinessWeek (02/08/12) Alex Kowalski

Although the U.S. unemployment rate fell to a three-year low of 8.3% in January, the U.S. Department of Labor reports that the number of working-age people in the labor force hit a 29-year low. The working-age population rose 1.51 million, but 83% of those people were not in the work force. The work force participation rate tumbled to 63.7% in January, as 88 million people age 16 and up were unemployed and not seeking work.

Even so, some U.S. Federal Reserve officials, including James Bullard, president of the Federal Reserve Bank of St. Louis, view the economic data as favorable, and staffing firms have reported growth since the end of 2009. Carl Camden, president and chief executive of the staffing firm Kelly Services Inc., says, “The ongoing economic uncertainty will help create a greater awareness of temporary staffing benefits and a secular shift in demand for temporary workers.”

Workforce (02/08/12)

The number of U.S. information technology jobs is on the rise, increasing by 13,300 in January to more than 4.1 million, a record high. The previous record was set in September 2008, when IT employment topped 4.08 million. On a yearly basis, IT jobs rose 3.4% in 2011, more than double the growth rate seen the previous year.

eWeek (02/08/12) Nathan Eddy

The Wells Fargo/Gallup Small Business Index survey for Jan. 9-13 indicates that small business optimism has hit its highest level since July 2008. The index rose to positive 15 from minus three in October, and its measure of future expectations climbed 13 points from October to 21. Of the small business owners polled, 22% plan to hire new employees during the next 12 months, while just 8% plan to eliminate employees. The hiring/firing differential was 14 percentage points, marking a four-year high.

The survey shows that 52% of small business owners hired workers during the past 12 months. While 65% hired as many workers as needed, up from 48% in November, 29% hired fewer than needed, down from 42%. About 15% are seeking new workers, but 21% find it difficult and 32% somewhat difficult to find qualified workers.