President Obama announced on Saturday that he is seeing positive signs that the economy may be recovering faster than expected. As part of his initiative to urge Congress to extend the payroll-tax cut through 2012 and make a few additional strategic moves, the President expressed his content with the current growth rate of the economy.
Proof Is In The Pudding
Despite high variability among individual economic factors, the overall trend has been one of positive growth. The unemployment rate dropped to 8.3% earlier this month, down nearly a full percentage point from a year ago. More jobs typically brings a boost in consumer confidence and spending, which in turn brings a much needed boost to the retail industry. Bankruptcy filings continue to drop for another consecutive month, as well as a notable decrease in foreclosure proceedings. Less volatility in the stock market also shows indications of much needed stability.
After Obama’s announcement regarding his plans for the housing market and homeowner crisis intervention, many are waiting with anticipation over the outcome. There is much hope among struggling homeowners, but much criticism among industry experts. It is hoped that the President’s housing market efforts will bring a swift change in the industry, one that is much needed if the economy is going to have a fighting chance for recovery in the coming months.