The Great Recession in America ended in 2009. However, with 9.0% unemployment rate in October 2011 and over $15 trillion in national debt, recovery for America is still a long way to go.
Unexpectedly, the unemployment rate significantly drops to 8.6% in November which is the lowest rate in almost 3 years. This is very good news for the Obama’s administration, as it can please voters for this upcoming 2012 election.
According to CNN Money, there are two reasons to explain this dramatic drop. Firstly, America creates more jobs with 120 000 jobs added. Secondly, many people gave up on their job search which means they are no longer judged as unemployed.
If America wants its unemployment rate to return to the state before the Great Recession, it needs to create over 11 million jobs for the unemployed and fresh graduates. Based on its current job creation pace, it is safe to say that 10 more years are needed. (Radio France International)
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