ORLANDO, Fla. – Feb. 6, 2012 -- Though Florida Realtors are concerned primarily with Florida employment, the national employment picture should also be monitored. In December 2011, employment growth was solid with nonfarm employment easily surpassing the 150,000 benchmark. The good statistics from last month combined with the uncertainty of the economy caused analysts to predict that January’s number would not be so robust.

Yet the January employment report was strong, and definitely much better than predicted. Total nonfarm payrolls increased 243,000 in January 2012. This consisted of a 257,000 improvement in private employment while government (-14,000) continued to retract from total job growth. In every month but August, government has posted job losses.

One month does not a recovery make, and neither do two or even three. But the past three months were above the 150,000 magic number – the number of job additions needed to promote economic growth. It appears to indicate the recovery may be gaining some traction.

Improvements to employment came mostly from the financial services and leisure and hospitality sectors. Growth in those industries implies there is a general gain in financial wealth. Think of it this way – you wouldn’t expect banks to need more employees unless they had more money to handle and you wouldn’t expect tourism to grow unless consumers felt they had extra finances to take a vacation. A general feeling of increased financial wealth is great for real estate. Growth in wealth translates into more migration. So for Florida that means snowbirds and retirees may desire, and now have the means, to head south to the sunshine!

The employment growth in January was surprisingly stronger than expected but there is no guarantee what next month’s number will bring. Still you can watch for the numbers next month and what sectors are bringing growth. As the recovery continues, it can encourage migration and fly in some opportunities to improve your business.