Summary: Following up yesterday’s post (the good news is that the bad news about the economy is wrong), we have a cheerful view of the economy.
A Brighter Outlook for America’s Unemployed
by John Ridlehoover of the VA Home Loan Centers
Over the last several years, the unemployment rate in the United States has been in a state of flux. In 2008, the United States saw a low unemployment rate of only 4.7%. After the collapse of Wall Street and the U.S. housing bubble burst in 2009, the unemployment rate had grown to around 10.1%. In 2010, the number of unemployed Americans was roughly around 6.8 million, which was the peak of unemployment.
A large unemployment rate puts a halt on the economy of a country as a whole. The more unemployed citizens mean the less consumer spending there will be. Consumer spending and the building of new businesses are keys to growing an economy.
During the first few months of the year, the economy fell 0.7%. Economists believe this drop to be caused by the extreme winter we had this year. The winter weather caused everything to slow down, including US ports.
Though America has seen dark times as far as unemployment, May and June of 2015 have shown strong job growth in some time. With over 470,000 jobs created, the number of unemployed citizens fell from close to 7 million to 2.5 million. Chief economist at Bank of the West in San Francisco, Scott Anderson, has said about the current job market, “Job growth roared back to life in May.”