Where The Economy Is Now In Respect To At Least – Coursework Example
15th February Where the economy is now in respect to at least Jobs In United s, the unemployment rate was 6.1 percent in September 2008, and after one year, the rate of unemployment increased up to 10 percent. The cause and the measures of United States unemployment rate are due to economic conditions, global competition, education, automation and demographics. These factors affect the workers and the society as a whole causing the rate of unemployment currently to be 7.3 percent. Despite the contribution of United States government to create jobs to the citizens, the economy still has 1.9 million fewer jobs (Robert 46). One of the solutions that United States is engaging in to prevent unemployment is keeping the economy growing and developing business cycle. This means that the government is spending money to the society to keep the economy growing and still maintaining the economy to be steady. With the recent pace of job growth, it will just take 11 months to lower the rate of unemployment thus reaching the previous peak.
In 2008, the impact of the financial crisis was cascading though the system and gross domestic product (GDP) dropped by 8.3 percent and this was during the first quarter of 2008. The country during this year dropped the gross domestic product by 0.3 percent and this kept on increasing up to 2009 which cascaded by 2.8 percent drop (James 86). Nation Bureau of Economic Research carried a research where the United States economy stood at $15,681T in 2009 comparing with $14,895T that was experienced in 2008. The pace of recovery is still being experienced since the economy has shown a growth rate of 3-3.5 percent. The country is ranked as the largest world’s single national economy estimating a GDP of $17.1 trillion in 2013.
Robert, M. Labor Force And Unemployment, New York: New York Press, 1973.Print
James, K. Gross Domestic Product, Big Gaps. New York: ZED Books, 2009.Print