The unemployment rate has lowered this moneth from 9.8% to 9.4%. This was due to the 103,000 added jobs. This seems promising for our economy, although there's still a long ways to go. Another reason the unemployment rate fell was because the government changed the requirements for being considered unemployed. Once a person stops looking for work they are no longer considered unemployed. This could have also accounted for the drop in numbers. Whatever reason it may be, this is the largest decline in unemployment for just one month since April of 1998. Obama gave a speech in Maryland that referred to these numbers. He sees this as a slow growth, but cautions that it will indeed take a lot of time. Also, this past holiday spending was the best in the last 4 years. There is predicted to be more spending like this in 2011 due to the payroll tax cut. People will have more money to spend, therefore boosting the economy. It's reassuring to see that perhaps, finally, the end to this recession is in sight.
After talking so much about the unemployment rate in class, it's wonderful news to hear that it is dropping slowly but surely. We've been in a recession so long that it's nice to know that we may be able to dig our way out of it. It's not going to be easy, but America needs to become a more economical threat like we used to be. We're definitely capable of this power if we can become stable again. I felt really bad for people who were looking for work, but just couldn't find any. It's a really good thing that we're making these strides.
http://http://www.msnbc.msn.com/id/40960689/ns/business-eye_on_the_economy/
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