When
the Fed reported a small rise in the gross domestic product (GDP) and signified
the recession was over, most Americans understood this to mean, “We have
officially reached the bottom and can now begin the climb up.”
That
is because the GDP increase was small and most likely enhanced by the economic
stimulus. It would be safe to say that nobody ran out to buy noisemakers in
celebration of the end of tough times, either.
According
to www.cnn.com, the economy and many industries are still in for a bumpy ride.
The article cited the National Bureau of Economic Research (NBER), which
reported that the “Auto industry, construction, and finance sector have shed 18
percent of their work force since the start of the recession, in comparison to
the remaining sectors in the economy that have only lost 4 percent of their
workers.”
NBER
also made a prediction on when jobs will begin to return. After surveying
multiple economic analysts, the consensus - standing at 53.8 percent - was
2012, with only 2.6 percent predicting 2010. Average hours in a workweek are
down to historic levels as well, and as a leading indicator have yet to move.
There is still a long road to recovery and no one is
denying that, but it is important to take the good with the bad and enjoy the
victories, even if they are small. Please enjoy the latest victory.
Economic Bright Spots Don't Negate Long Recovery
Angela Harris is the Technology Editor. She can be contacted at 248-786-1254 or angelaharris@achrnews.com. Angela is responsible for What’s New and Technology articles for The NEWS. She obtained her bachelor’s degree in English from Oakland University and has nine years of professional journalism experience.
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