The Bureau of Labor Statistics recently released that unemployment rose by 558,000 people to 10.2% in October. The 0.4% fluctuation from September’s (.8% unemployment rate brought into question the relapse of the economy and what the forecast for the future might be. However history has shown us that the last thing to decrease after a recession, especially one as severe as 2007’s, is unemployment (See Figure 1). As a result, it’s time to realize that soon, the economy will begin expanding again.
With projected growth in several industries topping over half a million in new jobs over the next seven years, its important to understand that the economy is in the process of bouncing back. Hospital Healthcare is projected to add almost 700,00 jobs by 2016, and the tech industry is expected to add almost 500,000. Thus, the current set-back, is nothing more than a set-back. With GDP growing, companies will soon be in search of new employees to relieve current workers of the stress that comes along with their increasingly heavy workloads.
Berchem, Steven. Annual Economic Analysis Puzzles Through the Data and Explains the Trends. N. pag. American Staffing Association, n.d. Web. 23 Nov. 2009. <http://www.americanstaffing.net/statistics/economic2009.cfm>.
