Out Of The Recession? Not Yet
Posted by Alexander The Cosmic on June 5, 2009Story
Good news: “Only” 345,000 jobs were lost in May, down dramatically from the 504,000 jobs lost in April, yet another sign that the economy is slowly recovering. However, it must be noted that the unemployment rate still rose to a 26-year high. According to experts, the job market is still not strong enough to be too optimistic.
The job losses were far less than the 520,000 forecasters expected. Just about one third of industries actually added jobs, a great sign of some growth. The unemployment rate currently stands at 9.4% percent, up from 8.9% in April.
Unfortunately, some economists, such as Kurl Karl, mention that we have to wait until the middle of 2010 to start seeing job increases. He finds himself highly disappointed that the economy is recovering at such a slow pace. He also says that regardless of whether 345,000 seems like an improvement, it is still a huge number.
Commentary
There is no doubt that, despite the bit of good news, there is no way I am yet feeling too confident about where this economy is going. I agree that 345,000 jobs is till a giant number, for it represents many people of this country with families and dreams for the future.
It seems like we’ve been in this recession forever and that relief can’t come soon enough. Yet, I understand that patience is very important.
This is a big mess that has to be fixed and we can’t expect it to be resolved overnight. For now, the decrease of job losses will have to do to give us hope that a recovery is near.
Nonetheless, as Obama finds himself in the Middle East trying to create unity in that turbulent part of the world, here at home the rest of us are left to suffer in silence.
There is no doubt we will dig out of this, for we as a country have done it before. The question is: What world will arise from the ashes? That is yet to be determined. Stay tuned.
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