According to the US administration, apparently the recession is now behind us.
Is The Recession Over?
“The recession in the United States had ended and it happened earlier that what was expected” announced the US Ministry of Commerce on Thursday. The announcement said that the US GDP number was up 3.5% in the third quarter (annual) and that this rise was possible due to the billions invested by president Obama in the economic bailout package that was intended to rescue the market and the financial institutes.
The message also claimed that the other reasons who led to the growth and the re-awakening of the market were the rise in consumption in the private sector, multiple chunky investments in real estate in general and in housing in particular. The ministry also claimed that the government’s continuing encouragement to buy and houses and cars was also an influencing factor.
Nevertheless, the many unemployed US citizens will still have to wait. The job seekers will have to hold their grudge for a little while longer, since the change will only come within a couple of months according to the commerce office. Currently, the unemployment rate is doing just the opposite of decreasing; in fact it hit its peak: 9.8% against 7.6% in January- the month when Bush relinquished command and Obama was sworn in and took on his position.
President Obama took charge when the American economy was in a crisis so big that many claimed it was the “worst crisis America has seen since the 30’s“. In short, if the growth will continue in 2010 and whether more workplaces will be created, it could be Obama’s biggest achievement (a one that he needs) since stepping into office and beginning his actions to improve the economy. Here is something to think about, if I had to rename the title I would call it “Goodbye Recession, Bonjour depression“, the reasons why will be discussed on the next time.
The CEO Game.
November 2nd, 2009 at 3:09 pm
[...] [...]