The So-Called Economic Recovery

4:48 pm

More on the economy. I think I recently posted on this subject, but this article from the New York Times piqued my interest this morning. The piece says that unemployment in the US hit a 26 year high in October. With a .4% increase, the unemployment rate jumped from 9.8%  in September to 10.2%.

However, job loss has slowed quite a bit since last winter. The unemployment rate shows that more and more people are actively seeking work. Unfortunately, those people aren’t necessarily finding that work. There has been some growth with about 29,000 jobs added in health companies and about 34,000 added in temporary positions. Even the manufacturing sector added jobs for the first time in 15 months.

And so, at the very least, the outlook for the economy does not look bad. Unfortunately, the good isn’t around yet either. Although some jobs have been recreated and Congress decided to extend benefits to jobless workers for up to 20 weeks, there hasn’t been a whole lot on the job front. Unemployment is still up and people are still struggling to make ends meet. The aforementioned article goes in depth a little bit with one woman’s story if you want to see a more personal side.

So now we have an economy that’s not getting worse, but we also have people more reluctant to spend and businesses more reluctant to hire. Unfortunately, there has to be a first step at some point to get money circulating through the economy so that necessity can drive the hiring and consumption upward. If that doesn’t happen, you get more and more people asking about their bankruptcy options and looking to bankruptcy lawyers.

Hopefully, we’ll see some improvement on this front in the coming months and year, but I suppose that remains to be seen. As always, I’d like to see what the world has to say on the subject.

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