Slow recovery keeps unemployment high by Magdalena Rosova

The recovery of economy is still too weak and the economy grows very slowly, which means that not enough jobs are generated. There are 15.3 million unemployed people in US. People still face layoffs in their jobs. This situation is evident also from high number of weekly claims for jobless aid. Although politicians and medias reports recovery, for most of Americans it does not feel much like that. Competition for jobs opening is huge and people with jobs are doing everything to save their work. Many people are getting lower salaries than before crisis, big number of people are facing foreclosures. Finally, only small group of the richest people are likely to get a new loa! n. Joel Naroff from Naroff Economic Advisors alleged that the country was out of recession, but the recovery would need longer time. From January to March the economy grew at 3 percent annual rate, which is a bit disappointing as initially it was estimated to grow 3.2 percent. Estimation also expected consumers to spend more than they really did. Same thing happened with business spending on equipment and software. All these factors caused that the economy grew slower than it was estimated. The Labor Department reported that number of first-time claims for unemployment benefit fell last week, but it is still higher than it was at the beginning of the year. Economists hoped that the number of claims will be around 400,000, but it turned to be 460,000. Although the most jobs in four years were added in April, there have to be more jobs to drive down the 9.9 percent unemployment rate.

related story (sgx17421): http://abcnews.go.co! m/Busine ss/wireStory?id=10758094...

by Magdalena Rosova for Cantell TV (http://cantell.tv)

Cantell TV is the fastest growing provider of digital broadcasting coupled with telecommunications, allowing people to easily control, view, upload and share digital content through proprietary interface coupled with free phone calls. Cantell TV is committed to delivering infinite choices to your world of entertainment at the tip of your fingers.