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The Economy Update…

February 12, 2011

Gunwel Tax & Bookkeeping Service has pledged to keep our readers updated on current tax developments as well as the over all economy scenario. As we look out our ground floor windows at GAI we have a beautiful day ahead of us, as it is crisp and clear and the sun seems to be closer to the earth today as it is warmer. Major storms across much of the country in January muddied the job picture as a meager 36,000 bump in the number of net new jobs created last month, but a big drop in the jobless rate, to 9%. With many businesses closed, the survey of employers is unreliable and likely to be revised upward in February. At the same time, the severe weather kept folks from looking for jobs, lowering the unemployment rate.

For the next few years around 60,000 new auto industry jobs a year, a good start on recouping the 250,000 or so positions shed from 2008 through 2010. U.S. automakers and foreign brands building vehicles stateside will need the help as production recovers from a 27-year low in 2009. Sales this year…13 million. But they’re not all the same jobs as those lost. Technological advances mean employers need multitaskers with both manufacturing and computer skills, often filling what used to be two jobs with one worker. In demand: Designers experienced with the latest computer-aided-design software. Electrical engineers to work on battery-powered vehicles. Computer coders for vehicle software. Pius maintenance mechanics, tool and die workers and manufacturing engineers.

It’s an opportunity for third-party staffing and training enterprises. Firms want workers to hit the factory running, not be tied up learning skills on the job. Education can take time: to learn welding for instance…a year. Carmakers are also upgrading jobs on the sales floor. Buick, for example, is retraining its sales force to better server higher-end consumers. And dealers are targeting computer-savvy workers to push high-tech, in-car internet systems.

Congress is finally near the finish line on airport construction legislation. Touted as a job creator, the Federal Aviation Admin. reauthorization bill includes $8 billion for airport construction projects over the next several years. But the bigger impact is likely tobe a boost for air traffic control systems slated for a shift from World War II-era radar to a satellite system, hiking capacity.

At GAI (www.gunwel.com) we know that it is hard to make ends meet, find jobs, create a dent in your debt and basically survive in this economy. BUT it is getting better. Let Gunwel help you with all of your financial needs. Call us today at 212-979-6830 or stop by for a visit. We can help! See you soon.

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