When Will We Believe in the Recovery?

ImageEconomists will tell you that a recovery has been under way since the middle of 2009, which means that we are well into the fourth year of an upswing.  Yet, many would question whether we are truly making any economic progress.  What indicator will finally convince everyone, including the skeptics?

The answer is “jobs”.  A consistent, sizable, and broad-based rise in employment will be the most tangible sign of recovery.  Steady job gains across a variety of industries and occupations will help laid off workers, students, and others find jobs.  A tightening job market should support rising wages and earnings.  An improving labor market will signal that businesses have regained confidence and are willing to invest in growth.  Job gains and falling unemployment will also bolster consumer confidence, triggering a positive cycle of more spending, higher sales, and further job gains. 

While we have seen significant and generally widespread employment increases, consistency is still lacking.  Paralysis in Washington may be part of the problem, which is why our government leaders must negotiate their differences and find solutions to our deficit and debt problems.

“job-search”. 2011. Good Information For You. March 19, 2013.


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