July jobs report underscores need for businesses to be prepared

With the Bureau of Labor Statistics releasing what many economists consider a lackluster jobs report for July, small- to medium-sized business owners should ensure that they are prepared for numerous situations. While no company leader can predict what the nation's economy will do, or how it will subsequently impact his or her organization, a strong preparedness plan can create for a better future.

The BLS report showed that the unemployment rate dropped to 7.4 percent, but some experts attribute that to the 37,000 individuals dropping out of the labor force. Additionally, 162,000 positions were added, but that is below the predicted amount of 175,000 to 185,000.

"Overall this is not a strong labor report," Alan MacEachin, an economist at Navy Federal Credit Union, told the Washington Post. He added that the data is "consistent with a sluggish, lackluster economy."

However, there are those who believe that there is still positive news ahead on the horizon. With May's numbers eventually being revised from 176,000 new jobs to 195,000 and June's moving from 188,000 to 195,000, the job gains could still be better than initially reported.

Gus Faucher, senior economist of PNC Financial, told USA Today that these results could still be due in part to federal budget cuts, and that after a few more months, the drag on job growth could ease.

Whether smaller companies are ready to hire, or want to establish other areas of their organization, having comprehensive business insurance is a necessity. Worrying about the job market is an issue in itself, and not knowing if your office is protected against a natural disaster should not be a concern. Commercial insurance specialists can help owners find the best policies for their daily operations, then, more time can be devoted to expanding the company.

 

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