Friday, February 3, 2012
Have Economists Got It Wrong About the U.S.?
Due 10 February 2012. I know this is a little early for you to evaluate this data...but take a crack at it? What do you think? What do the numbers look like to you? Are we in a recovery?
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It seems to me like our economy is gradually recovering. We talked about the GDP is up 2.8% in class, which indicates that we are in a recovery. "the Labor Department said employers added 243,000 net jobs – about 100,000 more than most economists were predicting. The unemployment rate fell to 8.3 percent, dropping two-tenths of a point to the lowest level in three years. " Employers are willing to hire more people so that more people are going to have more money and they are more likely to spend more. Also, 50,000 manufacturing jobs are created. Although the labor in some other countries will be much lower than the labor in US, American people value the goods produced in US more. I think more people are going to purchase automobiles that are "Made in USA".
ReplyDeleteI think that we are in an economic recovery, but it will take some time to get back to an acceptable economic status. The article mentions the increase in US manufacturing jobs; the Chrysler corporation will "add 1,800 workers" to their workforce. Additionally, the unemployment rate, which has been extremely high for the past couple of years, has dropped to "8.3 percent". This proves that there is an increase in the amount of people in the US being hired. The Labor Department has even recorded that 60,000 more jobs were created than they expected for the months of November and December. The unemployment rate might become as low as 7.8 percent around the time of the 2012 presidential election in the fall. I think that unemployment will continue to fall as our economy is slowly improving.
ReplyDeleteI most definitely think that we are in a recovery. I mean we will not hit full employment tomorrow but our numbers are improving. More jobs are being made and more workers are making salaries. We are at an 8.3% unemployment rate; to me that sounds fabulous. When was the last time you heard this country at that low of a percent. The car industry such as Chrysler is doing their job, making profits while making more jobs. “Chrysler, for example, said Thursday that it plans to add 1,800 workers at its Illinois plant this year.” And this is just ONE company. You have plenty of other companies out their building up ready to thrive once again. The government is also trying to pitch in jobs. With the Keystone pipeline, Congress plans that it will offer at least half a million jobs. “When people get jobs, they spend money. “
ReplyDeleteIt seems that we may be heading in to a recovery because of certain things mentioned in the article. For example, the unemployment rate which has decreased from 9.1% to 8.3% is a clear indicator of some kind of improvement in our economy. Companies have actually been hiring a lot more people than economists thought would be hired. They were wrong about that so they could be wrong about a possible recovery in the near future.
ReplyDeleteI think we are in some sort of recovery. I don't believe that this means that we should stop trying to improve the economy and create jobs. The article mentions that the unemployment rate has decreased. This is a major indicator or whether our economy is doing well or not. I think that gradually we will move from a recovery to an economic boom but that will definitely take a lot of work.
ReplyDeleteIt seems we are recovering but at a very slow pace. Their are signs of economic recovery like the increase of jobs and the unemployment rate going from 9.1 in August to 8.3. I think that we are recovering but it will take awhile before there is an economic boom in our economy.
ReplyDeleteI think that we are experiencing a gradual recovery, based on the decrease in the unemployment rate and increase in GDP. However, I believe that even with this recovery, our nation's economy is still in trouble, and we still need to continue working to improve it. We need to work on paying off the nation's mult-trillion dollar debt and decreasing the poverty rates.
ReplyDeleteFrom what I can see, I believe we are in a recovery. A few indicators of this are the increase in the GDP and the decrease of the unemployment rate from 9.1 to 8.3. That being said, I dont think we are out of the clear yet and we still have a long way to go.
ReplyDeleteThere is some kind of recovery approaching from the abyss we are currently drowning in. However, it's snail-like, and just as the author points out, economists have been "consistently wrong." Most economists didn't see the situation for what it was- a financial crisis instead of a recession. However, if we do magnify the recovery taking place, we are currently exercising our energy sector, agriculture, and manufacturing muscles. Consequently, unemployment rates have decreased to the slightest degree. I definitely think this is an indicator that our economy has a chance to survive, but I also doubt that this grow will approach any time soon.
ReplyDeleteFrom the little data, it wouldn't be absurd to say we're on our way to recovery. But what REALLY matters is if we can SUSTAIN our economic growth, and continue to recover. Sure, there may be lower unemployment rates, but there's no way to tell if that's going to last. I would say we need to wait a good while after the 2012 Presidential election to say for sure; since we all know gas prices and unemployment usually decline around this period of time anyhow.
ReplyDeleteThe amount of net jobs has increased by 243,000 which is definitely promising and the GDP rose according to the article, but I believe it is still too early to be sure of a complete recovery. Recovery is inevitable anyways because the economy cannot be forever in a depression.
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