When it comes to the recovery of the labor market of the United States of America, 2014 was the strongest year for the country. The economy of the US has been harshly driven by the robust job gains. While the economies of the other countries stumble, the USA economy has smoothly glided through the whole year.
The Economy of the United States Started Off Sluggishly
At the beginning of the 2014, the economy of the USA started off really slow. Nonetheless, the country’s economy has finally reached certain momentum and it looks determined to get on a more self-sustaining track in 2015.
The United States Economy has gone a long way in five years since the moment, when the crisis ended, and when all business levels were disturbed by the uncertain demand prospects and it was really difficult to obtain credit. In addition to that, there was a global conflict like Arab Spring that shook confidence and unrest over the USA government debt default mounted.
The Economy Turnaround
In 2014, there was a grandiose turnaround in the area of economy of the United States of America. Local companies turn out to be more certain about the extensive business development and besides, they are more upbeat and comfortable about this expansion being sustained. In general, companies are pretty successful in what is related to ramping up hiring.
2014: Monthly Job Growth Becomes the Strongest
In the year 2014, the monthly job growth in the United States of America has reached the highest positions since the year 1999. The US rate of unemployment has gone down to 5.8% that is known to be the lowest since the year 2008, that is 1% point lower than it was a year ago.
Unemployment benefits applications have focused at the level below 300 000 for some months. This demonstrates that employers in the USA are holding off on hiring for the reason that more jobs are provided and the available workers’ pool has shrunk.
The Citizens of the United States of America
Americans have claimed that at this moment they are more confident about the economy segments of their motherland than they have been in the recent seven years. The raise of the economy of the United States of America was always on the horizon in the year 2014, experts say. In January 2014, 20 American states, as well as the District of Columbia, were slated to bring up the minimum income, a boost of $1.6 billion in increased wages for 3.1 million USA workers, according to the Economic Policy Institute calculations.
Despite the harsh winter and frozen economic growth that caught the US citizens at the beginning of 2014, the year has been undeniably the strongest one for the labor market recovery of the United States. At the same time, Americans still do not make as many purchases as they used to even though the gasoline prices seem to drop and the paychecks aren’t much bigger nowadays than they were a couple of years before.