As the markets wait patiently to see if the economic recovery picks up steam, people anxiously wait for word on job recovery. While all indicators suggest the economy is tracking better these days, this means little to people with real, everyday issues. The slight uptick has also not reflected in activity in the housing market to date. Recovery in this area has been slow but downward trending prices are expected to attract more buyers.
Growth Projections
Consumer confidence has been boosted by somewhat positive reports emerging from the markets. Analysts expect a growth rate of roughly 3.5 percent this year. It is too early to say whether this will spur corporations to begin hiring.
Small businesses in particular have felt the sting of the continuing economic situation. The common lament among this group continues to be the lack of support it receives from government. Some analysts have argued that this sector is one of the best hopes of producing jobs.
The Job Market
Sadly, most experts don’t hold out much hope for a substantial recovery in 2011. In fact, only a slight improvement in the overall numbers is expected. According to current information, the situation is made worse by the fact that the current unemployed are having a tough time rejoining the labor force. For those who do have jobs, there is not much point in expecting a big increase in wages. On a positive note, it is expected that wages will at least match changes in inflation.
While companies are not quick to hire these days, job seekers are still encouraged to seek out every avenue available to them. As the 2012 elections near, it is possible a bigger push will be made in this to encourage employment. Job seekers may in fact see some changes that work to their advantage.
The main difference with this economic recession is that the recovery has not been as speedy or sustained as experienced under similar circumstances in the past. The current outlook is by no means bright, but reasonable progress is expected.