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Optimism for the Current Upturn in the Economy

Filed under Employment Outlook
Posted by Libraries, October 26, 2009
View all posts for October 2009

We have been told that the Recession is over, but unemployment levels are still holding at about 10%. NPR’s “All Things Considered” takes a moment to discuss why soaring stocks don’t translate to immediate job recovery.

As it stands, the stock market is up 50% from March. Yet unemployment is growing and small business loans are a thing of the past. Lakshman Achuthan, Managing Director of the Economic Cycle Researh Institute, notes that the stock market is not a measure of economic activity. Growth in the stock market anticipates an upturn in the economy, months, if not a quarter or two, ahead of the impact of that growth is felt by the average person. Credit lending will take longer to return, following catastrophic events in the banking industry. Achuthan suggests it may take upward of three quarters for loan growth to return.

He seems optimistic for the current upturn in the economy, noting that unemployment was a full percentage point worse during the recession of the early 1980’s. Right now, production, sales, and profit are all moving up. It’s also important to note that our population is growing with the economy and it will take time for the availability of jobs to overgrow the availability of workers.

Taken together, these economic indicators suggest the economy is in a standard recovery phase, slowly pushing forward toward job recovery and a return to lending.

In preparation for an impending economic upswing, take a moment to visit the CRL’s Career Guides when beginning your next job search.

blogged by Dana Keith