Like I've been saying. Someone owes me an apology!!!
https://www.detroitnews.com/story/o...ent-shift-progress-wage-increases/1657697001/
In May, America’s economy added 75,000 jobs — a level that fell below expectations. However, despite the blip in the economic climb, Americans have reason to be optimistic.
Consider that there is a near-record level of available jobs and Americans are experiencing the lowest unemployment rate in 50 years. This unique combination puts us close to what economists call “full employment,” where nearly everyone who wants a job already has one.
According to the Federal Reserve, there are nearly 7.5 million job openings. Some of these open positions are for employment opportunities like electricians, and these jobs can provide workers with six-figure annual incomes. Likewise, the restaurant industry in New York City is reporting difficulty in finding new employees.
In the short run, a skills shortage can lead to slower economic growth — but it’s important to understand that slower growth doesn’t necessarily mean the economy is getting weaker.
It’s exciting that the GDP has been growing at such a vigorous rate — but economic growth should never be taken as the end-all and be-all of economic health. For example, Singapore is ranked second in economic freedom and has a higher GDP per capita than the United States. By all accounts, Singapore has a strong and thriving economy — yet its year-over-year GDP growth in the first quarter of 2019 was only 1.3 percent. Meanwhile, the IMF reports that South Sudan, one of the most impoverished countries, has a GDP growth of 8.8 percent.
Clearly, the rate of GDP growth alone cannot tell us everything about a country’s economy.
The good news is that, today, our economy is healthy. And a thriving economy shows different signs of life than a recovering one.
https://www.detroitnews.com/story/o...ent-shift-progress-wage-increases/1657697001/
In May, America’s economy added 75,000 jobs — a level that fell below expectations. However, despite the blip in the economic climb, Americans have reason to be optimistic.
Consider that there is a near-record level of available jobs and Americans are experiencing the lowest unemployment rate in 50 years. This unique combination puts us close to what economists call “full employment,” where nearly everyone who wants a job already has one.
According to the Federal Reserve, there are nearly 7.5 million job openings. Some of these open positions are for employment opportunities like electricians, and these jobs can provide workers with six-figure annual incomes. Likewise, the restaurant industry in New York City is reporting difficulty in finding new employees.
In the short run, a skills shortage can lead to slower economic growth — but it’s important to understand that slower growth doesn’t necessarily mean the economy is getting weaker.
It’s exciting that the GDP has been growing at such a vigorous rate — but economic growth should never be taken as the end-all and be-all of economic health. For example, Singapore is ranked second in economic freedom and has a higher GDP per capita than the United States. By all accounts, Singapore has a strong and thriving economy — yet its year-over-year GDP growth in the first quarter of 2019 was only 1.3 percent. Meanwhile, the IMF reports that South Sudan, one of the most impoverished countries, has a GDP growth of 8.8 percent.
Clearly, the rate of GDP growth alone cannot tell us everything about a country’s economy.
The good news is that, today, our economy is healthy. And a thriving economy shows different signs of life than a recovering one.
