There were many instances that could’ve left the country with another recession and possibly, a depression-esque era, but the government and all its channels seem to be performing beyond previous estimations.
According to NY Times, “After a long stretch of conflicting reports, the Labor Department said on Friday that the economy in July delivered a second consecutive month of robust hiring and rising wages in a signal that the expansion is strengthening, not ebbing, as it enters its eighth year.”
The main pivotal points for the successful turnover of the economy is thanks to the generally positive decisions made by private organizations in light of Brexit and the financial turmoil that hit hard last year. The effect of the previous well-conceived moves in the past is now translating to resurgence, in the form of boosted labor market improvements.
Job Market for the Taking
Now that the political conventions are over and the people have taken sides, the waves of conflicting interests have more or less subsided to manageable levels. The job demands in the country, which are Pro-America, thanks to the constant reminder of both the parties, have experienced visible developments.
“We’re seeing new entrants into the labor market, which implies a longer runway for the business cycle,” said Michelle Meyer, head of United States economics at Bank of America.
Disillusionment of a Faltering U.S. Economy
The recent data from the Bureau of Labor Statistics have confirmed that the economy is where the people want it to be — the top. Along with this, the unemployment rate has reduced to 4.9% and the national wages rising as much as 2.6% over the last 12-month period.
“The idea that Republicans are touting, that the job market is a wreck, is clearly belied by the data. What matters most to people isn’t G.D.P. growth, it’s jobs and wages,” said Jared Bernstein, an economist in the Obama administration.
A Surge and Not a Universal Fact
The recent data has clearly supported the Democratic party’s claim that the economy is stable and there’s no need for the Republicans to rebuild something that isn’t destroyed. But, while Wayne Berman of the Republican’s economic hands says that the job market is indeed improving, its effects are only limited to the recent developments in the July-August period.
The majority of Americans who lost their jobs in the recession have not been included in the data snapshot of the recent Bureau of Labor Statists report. Compared to last year, the annual rate of the job economy actually decreased.