More Jobs for 2011!
NEW YORK (CNNMoney) -- "Hire more workers" appears to be a popular New Year's resolution for employers this year.
Economists are raising their forecasts for employment growth, as various job readings are suggesting that the long-awaited hiring boom may finally be here -- or at least near. It's about time," said economist Robert Brusca of FAO Economics.
All eyes will be on the monthly employment report from the Department of Labor, due out on Friday, which will show how many jobs were added to payrolls last month.
"There's a lot of reason to think we could get a big number for December," Brusca said.
Economists surveyed by CNNMoney are predicting a gain of 150,000 jobs, which would be a big jump from the 39,000 jobs added in November. The economists also expect that disappointing number to be revised higher, to just more than 60,000 new jobs.
Brusca, the most bullish of those surveyed, is forecasting a gain of 300,000 jobs for December.
Signs of life in the job market: The four-week moving average of those filing for first-time unemployment benefits fell to the lowest level in more than two years in the most recent reading.
And Wednesday, a report showed that 297,000 private sector jobs were added in December, according to payroll services firm Automatic Data Processing. That's the largest gain since ADP began tracking jobs in 2000. The report is viewed as a bellwether of the government jobs reading that follows, leading some economists, including Brusca, to raise their forecasts for December's payroll reading.
In addition, job placement firm Challenger, Gray and Christmas reported only 32,004 job cuts announced in December, the lowest number since 2000.
Strength in the broader economy: Signs of better hiring ahead are also present in a variety of economic readings, from strong holiday sales figures to increased demand for autos.
December same-store sales increased 3.1%, marking a 15-month streak in the measure, and bringing holiday sales back above pre-recession levels. And U.S. auto sales rose 11% in December, capping the strongest quarter of sales since the fall of 2008 when the industry was roiled by the financial crisis.