As 2014 closes its doors and mid-January 2015 takes over, the U.S. economy is continuing to show strong signs of improvements. The steady climb of the economy is making many Americans confident in their country’s economic policy.
The jobs report released in December showed the jobs hike to be in its 58th month of increase while at the same time making sure to highlight the sharp fall in unemployment in the U.S. As the jobs sector rises in the nation, consumer confidence gained new highs and the greenback is making progress.
Since the beginning of 2015, Beacon’s economist Christopher Thornberg predicted that the U.S. economy would continue to show growth during the rest of the year. He said, “A lot of really good things are happening.” He went on to further state, “We are finally in the midst of a good recovery.”
Although the U.S. economy is making upward strides, still, there are concerns about the global economy, which has been showing traces of being weak. However, financial experts are hoping that the strength of the U.S. economy will assist the global economy to pick up.
On Wall Street, the index of the New York Fed Empire State is expected to show positive levels. Expectations are that it might go up to 5 for the remainder of January, which is an improvement from December’s -3.6, according to experts. Meanwhile, Philly Fed’s index projection for January will end at 19, coming from December reading of 24.5.
Gallup is reporting that the country’s Economic Confidence Index is growing continuously and is showing an average +4 for the January 11 weekend. The index, therefore, has moved from +1 last week to settle at its highest, thus culminating a three-week unhindered climb.
Although 2015 has just begun, still the U.S. economy is proving it may be able to stand up to the challenges that lay ahead for the remaining months. Americans, however, have mixed feelings about the economy. In a poll carried out in the second week of January, 28 percent of American citizens gave thumbs up to the economy while 25 percent described it as poor. Another 50 percent of the country’s citizens are confident the economy will continue to pick up.
Former Federal Reserve Governor Jeremy Stein believes the economy will continue to move ahead despite low financial performance from the rest of the world. He and others continue to remain bullish in regards to U.S. financial growth.
In the winter of 2014, the U.S. budget was not showing much improvement. However, as the winter ended, it began to pick up and eventually made 2014 one of the strongest years the country has even seen. Unemployment rate slid down to a low of 5.8 percent, which is a cry from the Federal Reserve’s expectation of 6.8 percent to 7.3 percent. In 2014 also, unemployment remained below 300,000 for most of the year, which is a positive mark against the job crisis prevailing at that time.
With the country showing financial growth in 2014, oil prices went down thus giving consumers going to the pumps a chance to buy cheaper gas and at the same time save some money. The fall of gas prices helped to boost the confidence of consumers in the U.S., and this was seen in the consumer confidence index in a positive light. As consumers showed their satisfaction with the positive way the U.S. economy was performing, they started spending more on consumer goods.
2014 was the year the U.S. economy grew the most and now in early 2015 the prospect seems even greater for the nation. There is a great opportunity for the U.S. to pay off most of its debts and to become a beacon of light as well as a leader for the rest of the world to follow.
