Progress?! ......believe it or not

  An article from CNBC is praising our slowly recovering, but very unstable economy on one of it’s, what it seems, biggest feats of the year. Corrections to our country’s dying workforce have proven to be in action, and working! The progress is slow, but to Economists, it’s a start and there’s progress. I recent years past, jobs have been concentrated on and given to the people with higher education, but with the new projects of creating more jobs for minorities, people with less education than some, and in the low wage industries, people are starting to be able to support themselves, and push to getting better opportunities in the workforce from recent training.

  In December of 2015, jobless claims in the US were said to have dropped below the estimated amount of 270,000 to 267,000. The number of Americans filing for unemployment benefits have continuously dropped and is reaching a 42-year low; keeping claims below 300,00 for 42 weeks consecutively, this has been recorded to be the longest stretch since the early 1970s.

  This increase in the workforce is amazing, but has many issues to come with it. For starters, keeping unemployment rates this low is going to be very difficult, and trying to get them even lower is going to be worse. Yes, progress is being made, but there are main other citizens still filing for those benefits. Another issue, mostly for the Federal Reserve System would be trying to maintain a consistent output and level of the wages these workers are earning. With what seems to be a slow, but continuous increase in jobs, the government is going to have to come up with more money to pay these people, without cutting other’s wages. I’m afraid, with this in mind that taxes might go up and up, as a way for the government and Federal Reserve to accommodate for the new wages being earned.

  Although some of the declines were said to have been due to the high demands of labor force to accommodate the holidays, the labor market strength is working to underpin consumer spending, supporting the economy’s strong dollar. I believe that if the increase of demand for consumer products can keep pushing forth, this could continue to create jobs, making an increasing need for labor and workers, creating more and more job opportunities for our citizens. If this cycle could keep occurring in our economy, I believe that the rate of unemployment could further drop.