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Understanding the Reports of Economic Prosperity

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In many ways, the period of economic recovery that follows a recession is an often unsure and frustrating time. This is in part due to media coverage and its emphasis on sensationalism, where every single optimistic portent is heralded and perceived as a huge step towards prosperity. This creates an unrealistic expectation amongst society concerning unemployment trends and personal finances, as individuals seek a quick and effective resolution to economic hardship and periods of fiscal difficulty.
The fact remains however that while the are undoubted reasons for economic optimism for the forthcoming year, there is an inherent misunderstanding of financial reporting and the core processes of an economy. This is what causes many individuals to misunderstand the portents and indicators that are presented by media resources, and subsequently develop disappointment and frustration as the economy does not display the rate of growth that is anticipated. 

Understanding the Numbers and Economic Cycles
 The main issue facing society is the representation and usage of statistics and figures. While it is easy to adopt a piece of numerical data to argue a point or economic trend, it can often be contracting or negated by another piece of information within a related field. As an example, it was proudly proclaimed that unemployment rates in the US dropped by 0.4 percent at the end of 2010, and this figure was indeed reflective of a positive trend. However, this rate was inclusive of individuals who had simply stopped seeking employment or claiming welfare, so the actual number of those who had sourced work was less than initially perceived. 

Realistically, given the above statistic as it was announced and the expectation of between 2 and 3 million job additions through 2011, it is fair to assume that an unemployed individuals job prospects would be hugely improved. However, if you consider that many individuals will resume their search for employment and swell the number of job seekers available, then a very different picture emerges reflecting the opportunities for finding work.The discrepancy between fact and assumption is conducive to frustration and an ultimate loss of motivation to find employment. 

It is also pertinent to understand a statistic and all the elements that are affiliated to it. Governments often talk of employment trends and economic prosperity in cycles, and this is very rarely predictable over the course of a single year. As an example, it is estimated that the rate of unemployment will drop to the desired 6 percent by the end of 2016, and any job seeker must comprehend the time that an economic recovery takes in order to form a realistic plan and level of expectation. Not just this, but trends and levels of prosperity fluctuate between industries and market sectors, so predictions of growth are not always universal or unconditional.

Doing Independent Research to form an Accurate Picture
Given the diverse nature of different industries and market sectors, it is surprisingly overlooked that not all of these will feel the full effects of economic growth. In terms of employment projections across different occupations between 2006 and 2016 in the US, there is a clear dichotomy between genuinely prosperous industries and those that will merely benefit from increasing population figures. Therefore, it is not enough to assume that a reduction in unemployment and perceived growth will automatically increase every one’s chances of finding work.

Not surprising, technological and Internet based occupations will experience huge expansion and growth until 2016, with an estimated increase of between 40 and 50 percent in job creation within these industries. In opposition to these projections, the growth anticipated amongst maintenance workers and physical laborers is expected to rise by just 10 percent in the same period of time, which is little more than a figure that will reflect the correlating growth of the US population. By undertaking independent research, it is possible to not only ascertain a particular industries opportunity for growth, but also predict trends in consumer behaviour and ways to enhance an economic recovery. 

The process of economic recovery is a long and gradual one, often lasting many years before an economy is returned to its previous prosperity. Comprehending this process is key to assuaging frustration and the disappointment of not meeting unrealistic financial or employment aspirations. In order to develop a clear picture of the economy that supports their society, an individual must seek relevant information and conduct their own independent research on what they are told through media outlets.

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