Economist says jobs report great, but gas prices could stall growth

UNCC’s economist John Connaughton said he stopped a speech he was giving Friday morning when he got an alert on his phone about the new employment numbers so he could share the information with his audience.

That is how important he considers the report released Friday morning to be.

He said he is more optimistic now than he has been since the recession started. He also said he thinks things are turning around for people searching for a job.

Economists expected about 150,000 jobs would be created in the month of January, but when the report was released, it revealed more than 243,000 jobs had been created.

“That’s the kind of number we’ve been looking for,” Connaughton said.

He stood next to monitors showing stocks on the rise, responding to news that the unemployment rate had dropped to 8.3 percent, its lowest level in almost three years.

“If we keep this up, pretty soon this is going to be behind us,” he said.

It is good news for people like Randy Rudisill, who has been out of work for almost a year and a half. Standing outside of a job fair, he said the news of job growth helps calm his fears.

“Even if you don’t get the opportunity, the fact that opportunities are there and they are increasing; it would make you feel better,” Rudisill said.

Over the past few months, there have been several reports of companies hiring. Cable and satellite service provider Convergys announced Friday it was seeking to fill 200 positions.

At Michelle Fish’s staffing agency, she said jobs in IT, accounting, finance and health care are coming back after years of deep cuts.

“I would tell everyone to get back on the street, get your resume back out there and feel good about yourself,” she said. “Put your coat and tie on and start interviewing again.”

Connaughton said the one thing that worries him is the price of gas. If the price rises up to $4 or $5 per gallon again, he said that could send the country back down into the recession.

For now, though, he is optimistic and said consumers should be, too.