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- Published: Tuesday, 17 February 2015 12:19
- Written by Isaac
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Job Creation Fuels Optimism
Staten Island business bank cites further positive economic trend
STATEN ISLAND, N.Y. – Optimistic outlooks for the economy have been showing up frequently of late, and amid these signs are industry reports of jobs being created.
Victory State Bank, Staten Island's only community-based commercial bank, observes that big-picture data can also have a trickle-down effect locally.
The number of jobs created in the month of January had exceeded 200,000, and this has been a phenomenal figure after 1994, a report from ResearchMoz says.
The firm, based in Albany, N.Y., boasts having market research reports from hundreds of publishers worldwide and a database spanning virtually every market category.
Latest industry reports show that approximately 257,000 jobs were added by the U.S. economy, and job creation was significantly higher in the months of December and November, it said.
According to the Labor Department, 147,000 more jobs were included in December and November. This came to a total of 414,000 and 329,000.
Over the last three months, on average, the number of jobs created has been 336,000. This has been by far the best statistical figure over a period of 17 months, thereby pointing toward the capacity of the U.S. economy to ensure rapid economic recovery, the firm noted.
Until about a year back, the quarterly average was fixed at 197,000 jobs. ResearchMoz reports that the rate of unemployment that stems from an independent data set was higher and stood at 5.7 percent since the number of employed persons and those seeking jobs increased marginally.
This month appears rather lucrative and gainful for the job market in the U.S. inasmuch as greater than one fourth of a million jobs are soon going to be added in the economy, it said.
“This, unfortunately even till now, is supported by easy liquidity and easy money,” it observed.
For almost six years, it added, the targeted interest rate of the Fed Reserve has been zero. It is expected, however, that this rate may be increased sometime this year toward a level of normalcy, ResearchMoz posits.
This increase, though, is expected to be a rather gradual and slow process since the initiation of the same depends immensely on the Fed Reserve, it said.
About Victory State Bank
VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.