Solid job gains, falling unemployment

Today's employment report was good. Lots of jobs added, and unemployment took a sizable drop. This isn't full employment yet, but the economy is clearly improving. The Wall Street Journal reported this morning one contractor having trouble finding carpenters; he may have to offer pay equal to what carpenters used to make before the recession. Talk about labor shortages (by folks who don't want to offer higher pay) is a typical sign of an economy nearing–but not yet at–full employment.

Business implications: with the economy strengthening, your current employees have more options. This is a great time to tell them how much you appreciate them. If your managerial basics have been lagging, you'll find out when your employees tell you to "take this job . . ."