Month: January 2016

Dhianna Yezzi, owner, Integrated Staffing, Saratoga Springs.

BY DHIANNA YEZZI

As 2016 rolls in, it’s a time to take stock and
review the labor market, jobs and where the employment
trends will be focused. We continue to
see slow growth with an average of 100,000 jobs
created monthly.

The great news: It’s a strong job market. The
strongest in at least a decade. The Labor Department
predicts that all job losses from the Great
Recession will be fully recovered by 2020 and
that the labor force will return to full employment
with a 4-5 percent unemployment rate.
This is coupled with an average wage increase of
at least 2.5-2.8 percent. Until this point, jobs have
increased but wages have remained stagnant.
Employees are finally reaping the benefits after
a largely employer based recovery.

The fastest growing jobs are still in IT, healthcare
and financial services. As baby boomers age
out of the job market, those skills that service and
aging demographic will continue to grow.

Of course, social media will continue to drive
recruitment, as the market tightens for qualified
candidates, firms will rely more on passive
recruitment through referral bonuses, Linked-In
and Facebook. The gig economy will play a bigger
role in employment, offset by the rise of freelancing
and more effective technology. In fact, by
2020, 40 percent of the employment population
will be in a gig role as evidenced by the over 1
million Uber drivers.

Barry Potoker, executive director, Saratoga Builders Association.

BY BARRY POTOKER

As always, I am optimistic and bullish on the
future, especially since we live in such a special
place. We are still in the midst of a recovery but
I will start off with some good news from this
past year in the housing and real estate markets.

According to the Greater Capital Association
of Realtors from January to November, the number
of closed home sales increased by 10 percent
over the same period in 2014 and pending sales
contracts in November were 19 percent higher
as compared with November 2014.

On a national level, according to the National
Association of Realtors, existing residential home
sales continue to be strong. The smaller part
of the market, new home sales is also positive
although new home construction isn’t keeping
up with the demand. Based on recently released
housing stats from the federal Department of
Housing and Urban Development, the new housing
market is on its way back and continues its
steady recovery. The annual rate of November
housing starts rose 10.5 percent from October.
This is a terrific sign and above expectations.

Stephen Kyne, partner, Sterling Manor Financial LLC.

BY STEPHEN KYNE

The U.S. stock indices have flipped between positive
and negative returns a record 27 times this year.

The year 2015 was a particularly crazy year. From
extreme weather patterns, domestic and foreign
terrorism, and a circus of a pending presidential
election (which is only just beginning), to our first
horse racing Triple Crown winner in 37 years (who
suffered his only 2015 defeat in front of many of our
eyes at Saratoga Race Course), why should the stock
market have been any more predictable?

Let’s take a look at how 2015 shook out, and
where we’re headed in the 2016 economy.

U.S. GDP grew roughly as expected this year,
with final annual figures increasing between 2.5-3
percent. We expect that this relatively slow growth
will continue into 2016. While this is not ideal,
and certainly below historical averages, growth is
growth however you slice it.