BY: Adam Gavriel
The American Economy remains at an indefinite unbalance. A report from Bloomberg.com today cites that more Americans than expected have filed for unemployment benefits last week. The jobless claims increased by 4,000 to 371,000 for the week ended January 5th. Even more unsettling is the fact that many economists expected that number to drop from 367,000 to 365,000.
Despite avoiding the Fiscal Cliff, the government still can’t seem to find a way to churn the economy in the right direction, and keep it on a path to improvement.
“Claims are in a pretty steady range, but the story isn’t in firings so much as it is in hiring,” said Michael Hanson, a senior U.S. economist at Bank of America Corp. in New York, who projected 375,000 claims for the week. “Hiring has been okay. The process is sluggishly moving forward. We need to see better payrolls data to get faster economic growth.”
On top of the 371,000 who had filed for unemployment benefits, 1.99 million Americans are collecting emergency and extended payments. As part of the agreement reached by Congress on New Year’s Day, $30 billion will be paid this year of federal benefits for long-term unemployed workers. This number down from $45.5 billion from last year.
Thirty states reported an increase on claims, while 23 reported a decrease.
While the American economy works more like a domino effect, where one domino falls and all the pieces should fall into place; the two biggest dominoes have to be: Consumer spending, and small-business hiring. If you’ve been keeping up with the blog here, you already know that small-business are the lifeblood of the American economy.
On the topic of consumer spending, it speaks for itself. As consumers pump more money into the economy, business can afford to hire more workers, and the process repeats itself.
Of course there are tons of factors that affect the economy, but you have to wonder at this point if the bigger dominoes need to be pushed a little bit harder.
With this recession continuing to be lurk around like a ghost over everyone’s shoulder, everyone needs to start doing their part to improve the American economy. That includes from the suits in DC, down to your next door neighbor. This is one of those extreme times in American history where we all need to band together and work this out for the betterment of the nation. It’s time to put party differences aside to work across the aisle to get the important elements completed in order to make America strong again.
At Crossroads Consulting we are trying to do our part, but we need YOUR help! With over 50 job postings across the nation that we are looking to hire for TODAY; we need to see your resume as soon as possible! If you’re not confident in sending your resume to employers, we can help you there too with a fast and easy resume service.
It is our main mission to get Americans working again. Here at Crossroads Consulting, our motto is what we live by.
We’re putting the ‘Human’ back into ‘Human Resources.’