The impact of recession was very severe in the past few years. Many people believe that recession has finally ended up and are hoping for the employment market to soar. But a recent high-level report in US states that it may take some more time for the employment market to increase. According to White House’s Council of Economic Advisers, the economy of US this year may grow but not fast enough to make up the required unemployment rate in the country.
The report expects that the American businesses will create 95,000 jobs per month on an average. But this number is far less than the actual number of people entering the workforce. The gross domestic product (GDP) of America is expected to increase by 3 percent after adjusting for inflation. But that is slightly more than its estimated sustainable growth rate with the current number of employed workers. So it would not be enough to reduce the unemployment rate.
The White House report expects that the employment market will improve in the year 2011, forecasting 190,000 new jobs created each month on an average. It hopes for even better development in 2012. But for now, have to wait for some more time.