Economists and experts have varying opinions on the state of the economy, but statistics show that amidst the struggle and strife of both working and unemployed Americans, the market seems to be picking up steam exposing a glimpse of gleaming light at the end of the tunnel. Reports show that the unemployment rate fell 0.4 percent in November to a national average of 8.6 percent and right along with it the number of people applying for unemployment benefits fell to its lowest level in the past nine months. It is the hope of many that as employment rates slowly improve, the noose wrapped around the neck of working America can finally start to loosen and offer a small breath of fresh air.
According to the Labor Department reports, weekly applications for unemployment benefits dropped by 23,000 making the figures the lowest they have been since February of this year. Dan Greenhaus, chief global strategist at BTIG, a trading firm was quoted in a Fox News article saying, “there have been numerous indications that the labor market is healing and today’s jobless claims report only reinforces that view.” Furthermore, the unemployment rate at 8.6 percent is the lowest figure we’ve seen in the past two and a half years.
Though the figures offer hope for many, many attribute the drop to the unemployed giving up on their job search which no longer makes them part of the “unemployed”. Even still, businesses added 120,000 jobs in the month of November and added to the 100,000 or more jobs the economy generated every month for the past five months. The data shows that this is the first time that has happened since April of 2006. Regardless of why the figures are what they are, they are a great improvement from what we have been seeing from the job market lately.
Whatever the reason may be, added jobs or discouraged unemployed giving up, the improvement in the figures still gives those who are currently searching for a job more hope of finding one. If there is anything the unemployed of America needs right now, it is hope. Hope that they will come out of the job market slump on top and employed.