Although the economy has slowly recovered since 2010, there is still a long way to go before the unemployment rate is back to where it was prior to the 2007 recession. Prior to the recession, the national unemployment rate was about 5%. By late 2009, the unemployment rate had risen as high as 10%. In terms of real numbers, the number of unemployed workers more than doubled from approximately 7 million in 2007 to 15 million in 2009.
Since April 2010 the National unemployment rate has been gradually decreasing, and has either decreased or remained unchanged each month since October 2012. As of August 2013, the unemployment rate sat at 7.3 percent, which was the lowest it had been since it rose to 7.3 percent in December 2008. Things are looking up, but the unemployment rate is still nearly 3% higher than it was in May 2007. At this point the question is whether American unemployment will ever decrease to pre-recessionary levels.
While Americans should feel relieved that more people are going back the work, the future of American employment remains a big concern. Despite the improving state of the economy, there have been rumors throughout 2013 that predict an even worse recession in 2014. Whether or not this occurs, one hopes that Americans have learned a lesson over the past five years, and have chosen to abide by stricter financial budgeting tips.
It is interesting that most people can demonstrate financial discipline when it comes to saving for a vacation, wedding, home, or new car, but will otherwise ignore easy money saving tips. For instance, the typical American family can save hundreds of dollars a year via something as simple as online food coupons. Yet, only a few people ever bother to use online coupons for groceries.
Online food coupons are merely one example of a quick and easy way that anyone can reduce their living expenses. However, the fact that so many people choose to ignore them represents a much larger problem, which is marked by a collective lackadaisical attitude toward personal finances that seems prevalent among Americans.
Obviously, this is not intended to put down Americans’ spending habits, but if the United States is to avoid another recession and long period of mass unemployment, we all need to be more mindful of our finances. If every person would commit to a few simple money saving tips, long-term prosperity just might be possible.
