Economy Shrinks, Then Rebounds
Online, November 7, 2010 (Newswire.com) - The U.S. economy shrank by 3.8% over the year ending June 2009 and unemployment reached a 26-year high of 10.2% in October 2009 before dropping to 10% in November. The national average rate of unemployment currently stands at 9.7% nationwide, according to recent estimates by the U.S. Department of Labor. In contrast, the economy expanded at a 3.5% annual pace in the third quarter of 2009, as massive government stimulus helped drag the economy out of the longest and deepest recession since the 1930s. Stimulus money will continue to flow for some time, which means that the recession of 2007-10 is most likely over, technically. What remains is an extraordinarily high rate of unemployment and a stagnant housing sector. And, while some areas of the U.S. saw a small recovery in the jobs market in May, the BP oil catastrophe in the Gulf will no doubt have far reaching repercussions on travel and tourism, a mainstay of the economy in the southeastern United States.
Obama has touted small businesses as the "engine" that will pull the economy out of the worst recession in over 50 years. So far, small businesses and entrepreneurs have been stuck in low gear - fighting to survive in a weak market where larger companies are cutting staff and spending, and the overall level of consumer debt remains high. The stimulus package and recent tax incentives to hire new employees may have a beneficial effect, especially if the credit markets continue to open up. As small businesses gain better access to business loans, hiring will likely increase.
Although better economic news can mean better prospects for those who are seeking new positions, many of the new positions will require an outlay of cash in the form of relocation costs. Many companies have scaled back programs that reimbursed new hires for such expenses, forcing applicants to finance their own expenses by using savings or obtaining business loans.
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