Positive Turnaround for the U.S. Economy
By Juliet Fusco 11/5/17
More good news for the US economy. Despite the damage dealt to the labor force after the fall hurricanes the economy managed to support the creation of 261-thousand jobs during October and the unemployment rate dropped to 4.1 percent, the lowest rate in 30 years.
It was a remarkable turnaround after the natural disasters resulted in a loss of 102,000 jobs. The gain of 106,000 jobs were in the hospitality field.
Many factors are contributing to the durability of the American economy. Consumer purchases, for instance, have driven retail sales higher and continue to push the economy forward. Not only have US consumers contributed to some financial stability, but also the continuous international demand for American products has increased exports and benefited global markets.
In regards to industries, the move to give workers higher wages has proved to help workers employed at companies such as Target, where the pay has increased $4 dollars an hour. The reasoning behind the raises at big companies is attributed to the efforts of franchises to retain their employees, who tend to jump to competing franchises paying more money.