Franchise Industry and Jobs

US Job Growth at Record High

Of all of the issues that separate Americans, there is one that we all can agree on. Growing the economy and creating jobs is good for everyone, including legal immigrants in the United States. Six months into his new term, President Trump has and continues to cut job killing regulations and has made capital more available to small businesses. In addition, the President has used his influence to entice companies to forgo plans to relocate their business overseas and instead employ American workers. Business-killing regulations have been lifted and American coal and steel are going to be used to rebuild America’s multi-trillion dollar infrastructure. This is at the core of America’s economic rebound and the franchise industry will play a major role in every market sector to supply the growing legion of those employed with the products and services they will need.

In June 2017, job openings have surged to an all-time high according to the US Department of Labor. Bloomberb.com writes the following:

– Number of positions rose by 461k, most in almost two years, to 6.163m (est. 5.75m) from upwardly revised 5.702m in May

– Hiring fell to 5.36m from 5.46m; hiring rate held at 3.7%

– 3.13m Americans quit their jobs, down from 3.21m; quits rate fell to 2.1% from 2.2%

– Layoffs up slightly to 1.7m from 1.67m.”

Bloomberg cited the economic recovery and growing economy as the primary reasons for the surge in demand for workers. Deportations and the fear thereof have caused millions of workers to leave the country and their jobs unfilled. The unemployment rated thus has “fallen to a 16-year low.”

The franchise industry leads the way in creating new jobs. Franchise.org cites the 2016 Economic Outlook for the franchise industry and points to the role that franchise business will have in employing American. They state that , “Franchise businesses will have a 3.1 percent growth in jobs, adding 278,000 direct jobs to the economy this year for a total of 9.1 million, as well as for the past five years, the average annual job growth in the franchise sector was 2.6 percent, nearly 20 percent higher than all businesses economy-wide. Over the last five years, the franchising sector has added nearly 1 million jobs to the economy.”

Franchises are and will continue to be the business model of choice for both new entrepreneurs looking to start a business and existing businesses that wish to expand. Opportunities are plentiful both domestically and abroad with India leading the way in creating a franchise-friendly international business environment. For more information on franchising, please give international franchise attorney Mario L. Herman a call. Having a skilled, knowledgeable and experienced franchise attorney to lead your team of professionals is a vital element of your franchise’s success.

Sources:

http://franchise.org/franchise-businesses-to-continue-growth-trend-in-2016-outpacing-economy-wide-pace

https://www.bloomberg.com/news/articles/2017-08-08/job-openings-in-u-s-surged-to-record-6-16-million-in-june