America’s job market is starting to heal just as other major economies contend with rising unemployment and the threat of recession.
The unemployment rate fell faster in the United States in 2011 than it did in all but three of the 31 countries measured by the Associated Press’ Global Economy Tracker. Only Germany, Russia and Turkey had faster declines.
On Friday, the government said the U.S. economy added 243,000 jobs in January and that unemployment fell to 8.3 percent, its lowest point in three years.
The strength of the U.S. job market relative to other wealthy nations marks a reversal from the situation as recently as a year ago: The American labor market was hit harder than others by the Great Recession. And it was initially slower to recover.
But now, U.S. factories are busier. And consumers are more willing to spend than they were a year ago, giving businesses the confidence to increase hiring.
At the same time, Europe’s economy has deteriorated over the past year and may already have slipped into recession.
To reduce their debts, European governments have raised taxes and cut government spending. This has helped lower their borrowing costs. But it’s also contributed to weaker growth and rising unemployment across much of Europe. Greece and Spain have been especially hard hit. Germany’s powerful economy has so far been unscathed by Europe’s troubles.
The unemployment figures sometimes reflect the idiosyncratic way different countries report unemployment.
China’s unemployment rate, for instance, is almost always low. And it doesn’t fluctuate much. In December, the official Chinese rate was 4.1 percent. It’s remained between 4 percent and 4.3 percent since 2003.
But the CIA, which compiles information on foreign economies, notes that China doesn’t count among its unemployed the migrants who flock to Chinese cities in search of work. Once you include them, China’s unemployment rate looks more like 9 percent.
Likewise, Thailand’s rock-bottom 0.8 percent unemployment rate is skewed in part because the government counts beggars as gainfully employed.
Not to fear–LePage has found out that jobs in the healthcare field are leading the way out of recession, so he’s making a major effort to stop Federal funding for MaineCare from entering our state. If he succeeds, scores of healthcare workers will lose their jobs. The ripple effect will extend into their communities, where less money will be spent at local stores and businesses. If LePage and the other ALEC brats play it right, they’ll be able to stop America’s economic recovery in its tracks.
you are so right LizDavies. he is ruining our state. what people don’t get is that unemployment rate might be down because people are running out of unemployment benefits. it doesn’t mean that they are finding jobs, just that they are out of money.
Isn’t it kind of early to be off your meds?
Your motto seems to be, “When the facts bother me, I’ll resort to personal attacks.”
You are joking, right? Let’s review: “LePage has found out that jobs in the healthcare field are leading the
way out of recession, so he’s making a major effort to stop Federal
funding for MaineCare from entering our state.” Do you remember writing that? My take is that it bothers you that LePage is doing what we hired him to do, and that bothers you, so you launched that comment. I don’t need to parse it any further; if such remarks are good for you, they are good for me. Have a nice day!
1) Healthcare jobs are important leaders in regard to more people becoming employed, thus helping America climb out of the recession.
2) LePage is trying to dismantle MaineCare, which brings Federal funds into the state.
3) To the degree that he succeeds, Mainers in healthcare fields will be thrown out of work.
4) Unemployment in Maine will increase. With fewer people employed, less money will be spent in our communities. Businesses will suffer and have to lay off more people.
5) LePage campaigned on increasing JOBS. His policies will increase UNEMPLOYMENT.
If this process is purposeful on his part, he must intend to destroy Maine’s economy.
If this process is accidental on his part, he is destroying Maine’s economy accidentally.
Ooookay… Actually, I recommend the Kool-Aid.
http://www.bls.gov/news.release/archives/laus_03262010.pdf –
Maine unemployment Feb. 2010 was 8.3%
http://www.bls.gov/news.release/archives/laus_11232010.pdf
– Maine unemployment Oct. 2010 was 7.4%
http://www.bls.gov/news.release/archives/laus_11222011.pdf
– Maine unemployment rate Oct. 2011 was 7.3%
Purplesaurus Rex or Berry Blue?
This is great news… for those who aren’t r’s.The only jobs they want to create are for themselves .. and oh. yes , .. one of their own to be president. even their obstructionist ways aren’t working as well as they’d like.Just think if the r’ s REALLY wanted to create jobs how low it might be.