Falling to its lowest level since 2008, reports for November demonstrated the fall of unemployment to seven percent. Employers hired over 200,000 people in November, to greatly contrast the 89,000 jobs created in July. This also marks the lowest rate of unemployment since Obama has stepped into office. Does this mean things are finally looking up for the United States? Could we finally be seeing the light at the end of the tunnel?
Adding to November’s labor report, there was both an increase in economic growth for the third quarter and an increase in manufacturing as well. All of these positive reports indicate that the country’s state is improving, and it is not just a false dawn like we have seen in years back. Besides the increase in manufacturing, the construction sector also boasted growth for the third month in a row, implying the long awaited rebound of the housing market.
In the midst of the chaos of Obamacare and everything else happening in Washington, it is comforting to see that at least something is going right. If the economy keeps improving as it is now, the Fed will be encouraged to start easing back on their stimulus efforts.
The slow to change level of unemployment has discouraged workers and decreased their ability to trust Washington in its promises of a better future. News like this may be just what the nation needs to increase the unity we currently lack as a people, and bring back the confidence in our government that has been lost.
Now the government needs to improve the high levels of unemployment in the different areas of the labor market. For example, in workers aged 16 to 19, unemployment is above twenty percent, while the rate remains at ten percent for workers with only a high school diploma or less. These are serious problems that the country needs to address. Yes, it is commendable that the unemployment rate is finally decreasing, but problems still linger.
With a new year just around the corner, a new perspective of the nation’s stability is in sight. In the steady decrease of the overall jobless population, the most affected sectors of the labor market will be aided as well.