Just a few years ago the state of the UK economy and the influences that determined it were mainly by the USA. Pretty much what happened first in the USA caused ripple effects around the globe but pretty acutely in the UK. We do have a ‘special relationship’ with America after all.
While the globe has been distracted by the Eurozone and its continuous problems caused by, let’s face it, ‘inferior economies’; austerity measures which have not improve growth in any country that has implemented them, while the USA has been keeping quiet, taking stock and now describing a hastening rise in employment.
The burst of job growth seen towards the end of 2011 and more so in January 2012 was broad-based, from professional and business services to the hospitality and manufacturing sectors. Not unlike sporadic stories written in the UK.
Nevertheless, for growth, economies look firstly at job creation statistics and unemployment levels, for foreign and subsequent home investment these figures need to look good.
This week the USA has announced ‘It Looks Like Job Growth Is Getting Ready To Accelerate’ providing graphs and data taken through the 1930’s depression years compared to recent economy history. It is apparent from records that the year before growth triggered again after the Great Depression things did get worse and I think we can all agree that 2011 was an unexpected dip in recovery.
The article reported in the latest Business Insider magazine plots how the recession year’s peak in unemployment and the progressing downward trend could be the course that all analysts have been waiting for.
This breakdown study continues to explain the changes in employment figures over the recession years, how the curves are transforming and steadily rising while aggregate hours of sectors or teams of workforce is beginning to decline. This shows how recruitment is making way for new employees to fill the gap and bring these high amounts back down.
Innovation and making products often sparks new growth in an economy, we are all aware how the Chinese have built the boom in their economy over the last few years. Building big and offering competitive rates to foreign buyers has worked to great effect for some time and will no doubt do for some years to come.
However when other Countries reach rock bottom their extra buying power and households incomes isn’t available and so economies level out gaining growth within their own territories rather than buying abroad. Also trusted and new luxury brands appear to be doing increasingly well and history and background from their place of origin works for their selling power to home and booming foreign markets.
It is in Construction and Manufacturing recruitment that the early signs of development are showing satisfactorily.
So as the recession took hold from that fatal day in October 2008 and the USA declared economic concerns and the UK felt very quickly after, maybe it is our hope that their wave of fortune reaches us just as rapidly. All we need to do it to take heed, learn and implement!
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