The economic crisis has kept the United States haunting for the last two years and unemployment in the country was increasing fast with every passing day. It had become a headache for the Obama administration to fix the economy and set the things on right path. Critics of Obama have spoken repeatedly about his failure to improve economic conditions of the country, as he did not have an inclusive plan for the economy. The economic crunch also affected other fields of life including health and education.
It appears now as the Obama administration has finally got the trick to fix the economic crisis and put the worsening economy back on the right track. The US Labor Department said on Friday that 200,000 new jobs were added last month. Definitely, these are huge numbers and would help reduce unemployment rate in the country significantly. The statistics collected from the Labor Department show that the unemployment rate in the country has fallen to 8.5 percent, which is lowest in the last two years.
Economic experts believe the fresh boost in the economy is not temporary. They believe the upward trend in the economy would continue slowly and gradually and soon it will get the lost momentum. This would definitely help President Barack Obama in his campaign. The positive signs in the economy would help the president to at least face his critics and tell them about the improving economy of the country.
Majority of the Americans were fed up with the downsizing of government institutions and planning to vote for a Republican candidate in the next presidential election, but now the tide seems to be turning to the other side. With improvement in the American economy, statistics show that average wages in the industrial sector has increased around four percent an hour. Working class of the country is happy, as in the last year wages were meager compared to the rising inflation and most of the public and private institutions were laying off their employees owing to bad economic conditions.
Many economists also believe that a number of other factors including season adjustment would also help look the economic conditions better in the coming weeks and months. However, still there is a need to do more to beat the recession that started in 2004 and brought many developed and underdeveloped countries to their knees.
The Obama administration needs to take some more necessary steps to sustain the upward trend in the economy. If more job opportunities are created and the condition of other sectors is also improved significantly before the presidential election, then there would be immense chances of Obama getting reelected.