U.S. Economy Gains 217,000 New Jobs

Written by CFB Blogger. Posted in Blog

U.S. employers added 217,000 jobs in May, a significant gain for the fourth straight month; perhaps this is a prognostication of better things to come for the nation’s economy after a rather grey beginning to the year. Monthly job growth has averaged 234,000 for the past three months, up sharply from 150,000 in the previous three months, reports Crain’s Chicago Business. The unemployment rate remained at 6.3% for the month. That represents the lowest rate in over five years. The report from the U.S. Labor Department shows that the country’s economy is gradually escalating, outpacing struggling countries in both Europe and Asia. Statistics reveal that U.S. consumers are increasingly confident; car sales have surged, manufacturing is expanding and service companies are continuing to grow. In the Crain’s article, John Silvia, chief economist at Wells Fargo, states, “’I don’t think we have a boom, but we have a good economy growing at about 3 percent. We’re pulling away from the rest of the world.’” However, even more job growth is needed because the country’s population has grown some 7% since the end of the recession. Economists from the Economic Policy Institute estimate that 7 million more jobs are needed to keep up with the expanded population. Among the roses, these are also the inevitable thorns. Average wages have grown only about 2% a year, well below the long-run average annual growth rate of about 3.5%. Also, unemployment has fallen from its high of 10% peak in 2009 partly partially due to the fact that fewer people are working or looking for work. In May, the percentage of adults who either have a job or who are looking for one remained at a 35-year low. If you are facing piles of unpaid credit card bills, medical bills and deficiencies on foreclosed mortgages or repossessed cars due to long-term unemployment, filing for Chapter 7 or Chapter 13 personal bankruptcy with a Client First Bankruptcy attorney at your side may be the key to your financial freedom. For your free initial phone consultation, please call us at 800-383-6004 Monday-Friday from 8:30 a.m. – 6:00 p.m. Central Time. For up-to-date information on filing your personal bankruptcy, you can log onto www.clientfirstbankruptcy.com anytime. We have helped thousands of clients discharge their debt; we may be able to help you too. Stop struggling with bills; stop dreading phone calls from creditors and start living debt-free. What are you waiting for? Call us today.