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Current Macroeconomic Situations - Essay Example

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It is a $14.66 trillion economy (Central Intelligence Agency, n.d.). However, for the last 3-4 years it has been passing through a rough phase where it has experienced contraction in GDP growth, increase in…
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Current Macroeconomic Situations
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Current Macroeconomic Situations

Download file to see previous pages... In the first quarter of this year the US economy has grown only by 1.8% whereas in the previous quarter it grew by 3.1% (Bangalore, 2011). As far as unemployment rate is concerned, it was at 9.1% in the month of August, 2011. There is hardly any improvement when compared to the data of previous months. According to a report that is recently published by the Bureau of Labor Statistics, at present, almost 14 million people are unemployed in the country (Bureau of Labor Statistics, 2011). What is more important is that in August the US economy could not create any ‘net new’ jobs. In July almost 85000 jobs were created but it is much lower than the expected figure 1,17,000 (BBC, 2011). It is found that Afro-Americans are mainly unemployed (16.7%) followed by the Hispanics (11.3%). There are many experts who believe that such a situation is actually the signal of the fact that US economy is preparing to get into another recession in the near future. In August it was found that the probability of recession in US was one fourth. A more dangerous report came in when Wall Street Journal published the result of a survey in September. According to this study, economists now believe that the chance of US economy sliding into another recession within next one year is now stands at 1-in-3 (Zappe, 2011). Inflation, in US is not a big concern. However, in 2010 inflation rate was 1.6% which is quite high as compared to previous year’s figure (-0.3%) (Central Intelligence Agency, n.d.). In August, 2011 inflation rate was found to be at 3.8%. The consumer price index has increased by 0.4% in that month (Trading Economics, n.d.).
The current economic situation in US can be viewed as the failure of fiscal and monitory policies that are adopted by the government. Considering the facts like GDP growth is affected, jobs are not getting created and consumer confidence on US economy ...Download file to see next pagesRead More
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