Everyone knows the economy is harsh. There are glaring reminders everywhere, including countless news reports of stocks dropping, businesses closing, and people struggling to stay afloat amidst difficult times. Hearing of people having difficulty finding jobs is nothing new, and it is not so uncommon anymore to learn that the jobless rate in the U.S. is increasing.
However, in a recent turn of events, the economy has, once again, reason to hope that a recovery is on the way. Last month, the U.S. Department of Labor reported its largest job gain in three years: a rise in employment of 162,000. Though this doesn’t mean the U.S. will be speeding out of the recession any time soon, this piece of news does bring some needed light to a bleak-looking economy.
162,000 jobs may sound like a lot; but, considering the size of the nation, the recent job gain doesn’t make much of a dent in the unemployment rate of 9.7%—approximately 11 million people out of work. “Even though the unemployment rate stands firm, optimism among people in the economy will go up,” said junior Clincy Cheung. “[162,000 jobs] is definitely not a lot compared to the number of people who are still unemployed,” said sophomore Gordon Yao. “It’s a small step, but we could do better.” Earlier in the year, analysts had also expected the economy to do better; they forecasted a job gain in Mar. of 190,000, which was not met.
“I think [this] is a sign that the economy is improving, because economists have analyzed the economy, which [has]started to grow again after a sharp decline,” added Clincy. “I think the recession will truly end when people start to regain confidence.”
Healing the Job Economy: One Small Step at a Time
162,000 Reasons to Keep Believing
However, in a recent turn of events, the economy has, once again, reason to hope that a recovery is on the way. Last month, the U.S. Department of Labor reported its largest job gain in three years: a rise in employment of 162,000. Though this doesn’t mean the U.S. will be speeding out of the recession any time soon, this piece of news does bring some needed light to a bleak-looking economy.
162,000 jobs may sound like a lot; but, considering the size of the nation, the recent job gain doesn’t make much of a dent in the unemployment rate of 9.7%—approximately 11 million people out of work. “Even though the unemployment rate stands firm, optimism among people in the economy will go up,” said junior Clincy Cheung. “[162,000 jobs] is definitely not a lot compared to the number of people who are still unemployed,” said sophomore Gordon Yao. “It’s a small step, but we could do better.” Earlier in the year, analysts had also expected the economy to do better; they forecasted a job gain in Mar. of 190,000, which was not met.
“I think [this] is a sign that the economy is improving, because economists have analyzed the economy, which [has]started to grow again after a sharp decline,” added Clincy. “I think the recession will truly end when people start to regain confidence.”
Healing the Job Economy: One Small Step at a Time
162,000 Reasons to Keep Believing