US Heads for a Sharp Recovery

Whilst the UK economy is still facing  number of problems from a drop in housing prices as well as increased unemployment and a great deal of other issues, recent reports have revealed that the rate of unemployment in the US market is starting to slow.

As the country enters month number 20 in the recession, this industrial growth is welcoming for the many millions that have already lost their jobs.

This may possibly be the uptrend in a financial crisis that has swept the world.

In the past month, US joblessness fell by 0.1% which is the first observed drop since April 2008.  President Obama responded by making a statement admitting that the ‘economic crisis may be behind us.’ Whilst too early to tell, US Treasurer, Timothy Geithner also admitted that it may be another year until industries see unemployment reach its ceiling.

At a time where people are still losing jobs, even this 0.1% drop is good news for the world’s economy.  As American industry is slowly starting to recover, one can only hope that the ‘economic meltdown’ so many economists have been warning about is finally behind us.

However, recently the US Department of Labour announced that since the financial crisis started in December 2007, around 6.7 million jobs have been lost in the United States.

August still marks the 20^th month that the US economy remains in recession and although recovery is scarce, it is being observed industry wide, with some industries even reporting a rise in employment levels.

However, at a time when much of the world is also stuck in this financial crisis, it is too early to expect any significant industrial or economic growth.

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