Monday, November 10, 2014

U.S. has added 2.3 million jobs this year

According to the government report released last friday, the unemployment rate fell to 5.8%. There is more optimism about hiring even though October fell short of expectations. On average the U.S. is adding around 200,000 jobs each month this year so far. 

The consistency of job creation and continued falling of unemployment is something to be optimistic about; however, wages are still stuck at $24.57 (average hourly). Long-term unemployment still seems to be a major problem as well. Although it has been dropping, it is still twice as much as its pre-recession level. 

Optimism about the state of our economy is certainly growing, many americans are still waiting to jump on that bandwagon. Until we see wages accelerate, there will be a large majority of americans who will continue to feel more pessimistic than optimistic. 

1 comment:

  1. The reduction in the unemployment rate is a major accomplishment for the economy. Although wages are still stuck, more people are making money and can start to financially support themselves. Considering what the unemployment rate was before, this is something to be proud about. People need to realize that economy doesn't change overnight and it is a long and slow process, so we cannot expect to have everything fixed so quickly. We have to take it one step at a time, and like I said, we are better of now than we were before, so there is no point being anything but optimistic.

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