214,00 jobs were added this past October increasing the years total to 2.3 million. This increase in jobs was also coupled with a decrease in the unemployment rate to 5.8%. This is the lowest number seen since 1999. This trend of increased jobs and lower unemployment are telltale signs that the U.S. economy is definitely rebounding from the recession of 2008.
"While wages are up 2% over the past year, that's just slightly ahead of inflation, which means most US workers don't feel any better off."
ReplyDeleteAlso, late in the article it says how employment and income need to pick up.
Thus, the 'NILF' created by discouraged workers is likely decreasing as well as the unemployment rate. It is interesting that the article does not bring this into account, however. And as Diane Swonk states in the article, "'Until we see wages accelerate, the majority of Americans are still going to feel left behind in the recovery'"; this is a sentiment we have seen in a number of articles on this blog before, and it is still valid. This rebound shows these trends quite well, but the article itself ignores a number of key factors.
Overall a creation of jobs and a decrease in unemployment is positive for an economy. As Calvin states, wages are not accelerating, which shows that many people find themselves behind the recovery. I believe initially, this is good for the United States, but a couple factors will bring down the initial shock of how well our economy is doing.
ReplyDelete"This trend of increased jobs and lower unemployment are telltale signs that the U.S. economy is definitely rebounding from the recession of 2008."
ReplyDeleteI agree and love the use of the word 'rebound' here. The economy has definitely rebounded in a way that is beneficial to everyone and it is making a comeback. It makes the future job prospects for graduates this year and next much more hopeful as growth is moving upward as unemployment decreases.
Unemployment rates going down and increasing number of jobs added definitely show that the economy has been recovering steadily since the last recession. I personally feel a lot better when I get to hear or read news of these sorts that give me a better hope of getting a decent job in the market next year when I graduate.
ReplyDeleteHowever, I totally agree that as wages are not really accelerating, a lot of Americans still find themselves behind the recovery. Besides, I am also curious about in which industries most of the jobs were added in order to give us a better understanding of the job market scenario so that it gets slightly easier for people to narrow down their job search criteria if they are eligible for them.