The state of the current economy is a daily topic in the news today. With record foreclosure rates and the number of people currently unemployed many people might feel that the U.S. is in a downward spiral. However, current trends have shown that though the economy has not completely rebounded there are at least 10 reasons why the economy is recovering.
1. Additional jobs are being created left and right.
Many companies have either added to their staff recently or announced plans to hire more people in the immediate feature. The increasing jobs market has also caused a decline in the unemployment rate.
2. Many national retail stores have experienced economic growth.
Consumers are spending more money and this is helping to spur business growth. Many national retail chains have also opened up new stores which also create more jobs and have helped to give the construction industry a much needed boost.
3. The stock market is experiencing obvious growth.
Wall Street has seen some record growth and both the Nasdaq and Dow Jones Industrial show signs of rebounding. And as we have all seen, when the market rebounds consumer confidence picks up.
4. Crude oil prices are coming down.
Most people probably feel that their local gas prices are still too high but the price of oil has dropped and the price at the pump should soon begin to reflect this. When gasoline prices fall, retail prices become more reasonable and people have more cash to spend.
5. Increase in travel and tourism.
During the record unemployment rates and high price of gas, consumer travel greatly decreased and local economies built around tourism suffered. Though the numbers are not as high as they once were there are obvious signs of growth.
6. The growth of small businesses.
When the recession first hit mom and pop stores were some of the hardest hit but many areas have experienced small business growth. This is very promising because it shows that local economies are growing.
7. The U.S. trade market is experiencing record growth.
American made goods are once again being sought after by other countries, and when people worldwide buy your stuff it’s a good thing for the economy. Jobs are created to fill demand, money flows in and people are happy.
8. Workers are seeing an increase in their paychecks.
The unemployment rate wasn’t the only thing that hurt the economy. The fact that so many people were underpaid bput a damper on spending as well. Now, workers are getting heftier paychecks on payday. Companies are not only paying their employees more but many are also seeing bigger performance bonuses due to an increase in business.
9. The housing market is picking up.
The record foreclosure rates have been on people’s minds. Some have experienced it personally, but most people know of at least one person who has fell victim to the housing bubble. One obvious and encouraging sign of recovery is the fact that in many areas home ownership has increased and even more importantly foreclosures are down. In addition some programs now exist that can help homeowners that are facing foreclosure.
10. There is less fear surrounding the economy.
The fight to rebuild the economy is not over and there is still definitely work to be done but these are just a few promising signs that it’s at least headed in the right direction and that all is not lost.When an economy hits rock bottom, or comes close to it, people tend to hold on to their money with a tight fist. Less people spending means less money in circulation, which means less people spend, etc. When the fear of collapse subsides, people spend more and things start to take off.