Student Blog: Thoughts On The Law And The Legal Field
GROWTH IN THE ECONOMY
The U.S. economy is out of its year-long recession. This was confirmed after better-than-expected figures were released from the U.S. Commerce Department showing that the economy grew at a rate of 5.7% in the last quarter. Economists had been forecasting a 4.7% growth. The last three months of 2009 showed the fastest growth that the U.S. economy has experienced since 2003.
Essentially, both consumers and businesses have increased spending. Businesses have invested in new equipment and software, which has resulted in increased sales. These investments grew by 13.3% in the last quarter. Consumer spending was also up 2%; this was higher than economists had forecasted.
To carry this economic growth into the New Year, the unemployment rate needs to be reduced. Lucky for us, the government’s focus is on getting Americans back to work. During President Obama’s State of the Union Address, he emphasized that job creation will be the “number one focus in 2010.” Obama further called on Congress to deliver a new jobs bill to his desk. In December, the unemployment rate held at 10%. Hopefully, 2010 will see a decline in the unemployment rate.
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