The New York Times, on September 5- In Unemployment Report, Signs of a Jobless Recovery– took a look at the breakdown of numbers surrounding the current discussion of the economy. The results are mixed- unemployment continues to nag at the economy, teetering near 10 percent. At the same time, economists are seeing strong signs that the American economy is pulling out of recession and beginning to expand.
This recovery, while positive, is stated to be weaker than hoped, frightening many companies from aggressive maneuvers and holding off on large scale hiring. This factor continues to stall the progress of getting individuals back to work, and seeing improvements in unemployment rolls.
This to many appears to what can be called a “jobless recovery”- a situation wherein the economy and other indicators improve and show signs of turnaround, as well as averting a full blown depression. But the continuing unease with the market does not afford for much hiring, deepening unemployment and putting the economy in a precarious position.
While posing problems for job hunters, this also poses a political dilemma for the current Obama administration which has sank billions of dollars into helping companies recover from the brink of insolvency. Now these same companies are back on their feet, but terminated employees are still out of jobs and out of luck as companies are hiring conservatively, if not still thinning the herds of employees.
Creating jobs seems to be one of the most struggling areas in the picture of overall economic recovery, and something on which states and government should focus stimulus efforts on. With credit and banking industries mostly stabilized, we need to focus on getting American’s back to work and to spur more economic development in order to move beyond the last two years of recession.