http://www.bea.doc.gov; http://www.economy.com The politicians have been doing lots of election time talking about the United States economy. One side declares it is half full and getting fuller, while the other side points out slow growth and hard times as a sign that it is less than half empty. The truth of the matter, according to the government’s own Bureau of Economic Analysis (BEA), is not very cheerful.
GDP Shows Less Growth Than Expected
The BEA and the Department of Commerce are among the sad news messengers who point out that the Gross Domestic Product (GDP) is stalled at a slower than slow 3% growth rate. The figure was called “disappointing” by Mark Zandi, chief economist at the respected Economy.com site.
The GDP and YOU
It would be easy to look at the 3% figure as just another abstract number if it weren’t for the fact that the impact is up close and personal. When the economy fails to rise at the expected rate, the job market gets tight. Companies cut corners to survive and don’t hire many new employees. When they do hire, they demand more.
Jobs that once required only a high school diploma now call for nothing less than a college degree. Job applicants without degrees don’t even make it past the front door. According to the Bureau of Labor Statistics, the unemployment rate among people with college degrees is less than half that of people with only a high school education. The results seem clear. A college degree is one of your most important job-hunting tools in difficult economic times.
