Is The Worst Over For The Job Market?
The worst could be over. That’s what many experts are saying about the job market as our economy slowly pulls its way out of what is being called “the Great Recession,” one of the biggest economic downturns out country has seen in more than 25 years. While the job market certainly isn’t looking good these days, it is definitely looking better than it has in the recent past.
Current Unemployment Rate
The current unemployment rate is 9.7 percent, a number which needs to drop several points before returning to a normal level. What these numbers, which were collected at the end of February, give us is the second consecutive month where the jobless rate has not increased. Considering that the unemployment rate at the end of 2009 crept into the double digits at 10.2%, the slight decrease found at the beginning of 2010 shows that the job market could slowly be improving.
What Needs to Change?
Reports also show that the number of employees losing jobs due to layoffs has also been declining sharply. But until this statistic is accompanied by an increase in the number of new jobs being created, we still have a long way to go before we can finally say the recession is over.
But the reality of the situation is that no one can truly know when the economy will start to turn in a more positive direction until it actually does. Experts can predict what will happen all day, but nobody can predict the future. The current economic landscape can be looked at like a meteorologists weather forecast.
Weather men are paid to predict what the weather will be in the future, but the best they can do is make an educated guess. The same goes for economists. As they observe the progress of our economy, all they can really do is compare today’s economic climate to that of years past. So will it be sunny or rainy in 2010?
All we can do is wait and see.
