The Bureau of Labor Statistics has released its report for July 2016, and the numbers have some people speculating that a real recovery may be at hand. Wages have been rising consistently for the past few months; the average hourly wage for July was $25.69. The unemployment rate was 4.9 percent for July, which was the same as June but 0.2 percent higher than May. Jobs are increasing; the July change was 255,000, which was a bit lower than the 292,000 reported for June but significantly greater than the pitiful 24,000 reported for May. At first glance, it appears that the American economy is showing signs of rebounding at an accelerated rate — but is that assessment accurate?
The United States is not only one of the largest economies in the world, but it is also one of the strongest economies compared to industrialized countries, and this has been proven in the last few years. Despite of what many people believe or see, U.S economy is booming and it will continue to boom during the year 2015. In the article “When the U.S Economy is the Envy of the World,” published by the MSNBC on December 8, 2014, its author Steve Benen argues about the U.S economic recovery in order to persuade U.S citizens and show them the numbers that prove that our economy has recovered. Benen (2014) also encourage U.S citizens not “to compare the current economic recovery to other recoveries that followed modern downturns,” but “to compare our economic recovery against other countries who dealt with similar circumstances” because according to President Obama, the U.S “has put more people back to work” than any advanced economy in the world (qtd. in Benen, 2014). There are strong evidences that prove that the U.S economy is in its best year compared to three years ago. The growth of jobs, the slight increase of wages, and the low price of oil have truly helped the U.S economy recover.
The health of the current U.S. economy appears to be growing gradually. The second quarter real GDP growth was 3.7% and the unemployment rate declined to 5.3%. The U.S Federal Reserve (Fed) is expected to raise interest rates in the near future when it sees clear signs of strong economic growth and improvements in the job market.
The United States, one of the most powerful nations in the world, was founded less than two hundred and fifty years ago. Since 1776, the year when the thirteen original colonies ratified the Constitution, three cornerstone ideas have been the drivers of the country’s progress-- Life, Liberty, and Pursuit of Happiness. Found in the Declaration of Independence, which was written by Thomas Jefferson, these three concepts have been crucial in the lives of all Americans throughout the existence of this nation. Liberty, which includes personal and economic freedom, was the main reason why the colonies decided to break away from the United Kingdom in the eighteenth century. The U.S. went through many economic booms, various recessions, and several major economic depressions throughout its history. Yet, here it is, mostly unscathed and in full glory, still dominating the world stage in economic and foreign affairs. However, in the past two-three decades, the economic conditions have changed adversely, especially for the younger generations. It is an undeniable fact that the consumer and labor markets have undergone tremendous adjustments, partly due to people’s changing lifestyles, as well as globalization. According to Janet Yellen , the U.S. Federal Reserve Chairwoman’s, statement to Congress, the “[country’s] financial conditions have worsened” and the United States economy has become “less supportive of growth” in recent years (Web). The combination of these various factors and
From the economic review for January 2012 has a graph that shows the output of the three major economic sectors: manufacturing, construction and services. The graph shows the recession in 2008 to 2011 and how it recovers.
1. Analyze the current economic situation in the U.S. as compared to five (5) years ago. Include interest rates, inflation, and unemployment in your analysis.
Is the United States economy doing well since the Great Recession? It is, according to economic data. I base my argument on the answers to three states concerning the health of the macroeconomy. The first goal is that of full employment. Full employment is a state in the economy where virtually all who are willing and able to work are employed. The second goal focuses on economic growth, or the growth of our GDP. This is the value of all finished goods and services produced in the United States in a given time period. Good economic growth can be measured by the rate of growth of the GDP. The third goal seeks price stability. Is the value of the dollar inflating, deflating, or staying constant? If the answers to these questions are positive, then it can be stated that our economy is in good shape.
The Great Recession that began in 2007 introduced people to a feeling not since felt since the Great Depression of the 30’s and 40’s. It reintroduced a new generation to the realization that we cannot take anything for granted. It sprung up fears in a fearless population, and out of it born a stress like no other. We can harness that stress; we own it as individuals, employees, as employers, as caretakers of the future.
The Great Recession lasted from December of 2007 until June of 2009, making it the longest recession since World War II. During this time, gross domestic product (GDP), inflation, unemployment, and interest rates were all greatly affected. The previously mentioned metrics are used to compare today’s economy to the economy during the Great Recession to see how the United States has rebounded since 2009. Monetary and fiscal policies were also implemented to combat the recession, and their effects determine whether or not the policies have a lasting effect in continuing to help the U.S. economy rebound.
What is the state of the US economy? Has a cloud fallen on the US and harder economic times coming? Is continued decline require a cautious posture? “It's hard to decipher the state of the economy from headlines.” Although the economy is not equal to pre-recession times which was more than six years ago, the “jobs lost to the Great Recession have been replaced. Unemployment is down. The stock market has generally prospered.” What role does consumer
Americans have been bombarded by new worries in recent days with the war in Libya, unrest in much of the Middle East, and the seemingly endless series of catastrophes in Japan as reported by a recent Gallup poll measuring economic confidence. Added to that, there is a weak job market, increasing fuel prices, and fierce budget battles in Congress, obviously, it is clear the U.S. economy still faces
Everybody in the United Stated was affected by the recession that began in December of 2007 and spanned all the way to June 2009. Even though the recession is over, many people are still being affected by it and have still not been able to recover from the great recession. “The recent recession features the largest decline in output, consumption, and investment, and the largest increase in unemployment, of any post-war recession”. Many people lost their jobs due to the recession and some of them are still having a hard time finding jobs and getting back on their feet. Businesses
In order to obtain a rounded view of the economic environment within the U.S. twelve key economic indicators can be observed. These fall into the categories of leading and lagging indicators. Based on the data of these indicators, a picture of the current and future economic environment can be obtained.
As economic advisors to the U.S. President, we have evaluated the current state of the U.S. economy. There are recommendations we have provided to improve the economy. Our recommendations include the evaluation and analyzing of four economic factors; unemployment, expectations, consumer income, and interest rates and how each affect aggregate supply and demand.
The following report will detail out the current state of the U.S. Economy. The report will discuss the following: