Sunday, March 14, 2010, AM | Leave Comment
The experts tell us that, in retrospect, we had two recessions in the last 10 or 11 years. I may have said this before, I did not know there was a recession let alone two, one in 1999 and the second one in 2001. And the reason for my “no-feeling” about the two is that I was gainfully employed and was making good money.
When you have a job and a good one, you don’t give a shit what the unemployed are going through. You are happy to cover your own ass. Now that I am unemployed and have been for some time, I feel nothing but excruciating pain all over my body. It has started to affect my “little gray cells” [Agatha Christie] as well.
The employment is at a rebound but very slow. The unemployment rate fell from 10.0 to 9.7 percent in January and held the same in February, according to the U.S. Bureau of Labor Statistics. So there is some positive change.
The two previous recessions were immediately followed – neck and neck – by what the experts call “jobless” recovery. In other words, the economy in general was rebounding and so were jobs on the employment sector. The current recession is different. The “employment recovery” will be slow and gradual. That’s the opinion of many experts.
However, the experts find the leading indicators extremely optimistic for the slow but steady job growth. Last year, the corporate profitability was quite high, increasingly towards the end of the year. That in turn will, hopefully, give a boost to employment if the companies want to continue to grow and extend their Research and Development budget.
The growth of the U.S. economy in the fourth quarter of 2009 was at the fastest pace in six years, at an annualized rate of 5.7%, according to the U.S. Commerce Department. As corporate profits continue to recover in 2010, this can translate into more job creation.
In a Nutshell
So, don’t despair and join “yours truly” to wait and wait and wait … and see when there is a “full job recovery” so that we can take part in the economy more productively, instead of sitting on the sideline. I guess some of us have been waiting for too long now.
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