According to the article, this February marked the longest streak of the U.S economy generating more than 200,000 jobs per month since 1994 at 12 consecutive months. Situation has been getting more and more positive, as unemployment rate drops down to 5.5% compared to the peak of 10%. Additionally, average wage has also rose slightly. All in all, the labor market in the U.S has been getting better and better, alongside other good economic signals of a recovery.
In my opinion, i know many economists and market players are still highly skeptical of this recovery but for the past year or so the economy has been steadily climb up, employment rate decreasing at a stable rate and there have been more positives every day. The stronger dollar, while also being a byproduct of weakened yen and euros, are also a good indicator of U.S economy getting back on its feet. I think we can expect the U.S economy to return to the way it was in a few years given its current rate, and I don't think the same mistake in 2008 would reappear anytime soon.
Sources: http://www.bbc.com/news/business-31768388
3 comments:
Articles that present decreases in the unemployment rate are always welcoming. Decreased unemployment has many positive effects. More people earning an income will lead to increased consumption, which could then snowball into the creation of more jobs and even less unemployment. More spending also equates to more net income for businesses and therefore also more people. More people with jobs also means more tax revenue for the government.
I also feel that this is positive news for the US economy. I am curious to know which sectors the jobs were added in. Is employment becoming more accessible for those with secondary education or those without college degrees?
The US economy as a whole definitely seems to be improving, but I still wonder how many of these jobs have both a living wage and a reasonable chance for advancement. The article hinted that many are in the service industries and construction, as well as health care -- which rarely have too many problems but also have a somewhat high turnover rate.
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