The Labor Department reported the national unemployment rate for January was 9.7%. That was a reduction from December's rate of 10%. Not a great improvement, but still a welcome development. Economist still think the unemployment rate will average 10% the whole year in 2010. A Labor Department survey actually found that more than a half a million more Americans had jobs in December.
Also reported was the fact that the economy shed 20,000 jobs last month, a big improvement and job losses under President Obama has been drastically reduced after record losses under the Bush administration. Still, economist are projecting a slow job market because of the severity of the recession. No one can argue with the positive numbers or the fact that economist are cautious in their projections, however the positives going into 2010 are much more real than they have been in a long time and the President still has plans to keep the economy moving in the right direction.
New factory orders have been up for several months now and that is one of the best positive signs of a recovery. It is an area that was badly hurt and where job cuts have been drastic. The automobile and steel industries are awakening and their business is reported to be up. The American people are beginning to spend more, not yet enough to see a large leap for the economy but the GDP for the last quarter of 2009 was over 5% growth, a great number compared to the fact that the previous 3 quarters were in negative territory.
The President needs to keep a steady hand on his economic policies and make adjustments where necessary. He also needs to demand more from congress to produce legislation that will continue the economic expansion and job creation that is necessary. America has indeed turned the corner and is on its way to recovery despite what the negative voices are trying to sell.
