Many so-called economic experts are saying that the recession is over, and they cite a number of statistics to support this claim — Gross Domestic Product is up, the unemployment rate is getting less worse (does that really qualify as a good thing?), the Dow Jones Industrial Average is at its highest point in over a year and the purchasing manager’s index indicates that conditions are improving.
And yet when you go beyond these broad indicators and look a little closer at the day-to-day lives of normal Americans, you’ll see that many people are still struggling to manage their personal finances under heavy credit card debt and onerous mortgage payments.
These broader measures offer hope that the economic situation for the average American will begin to improve in the year ahead, but they offer little consolation for those struggling in the here and now.
Businesses, too, face equally challenging times as competition drives down margins, the cost of employee benefits continues to increase, credit for new equipment is scarce and general morale suffers from these ongoing troubles.
Are you seeing the improving economy that many experts are touting? Have orders picked up at your workplace? Do you feel more secure in your job than you did a year ago? Tell us how you or your business are experiencing these broader economic measures by posting a comment below.
