
Recovery will come when Americans return to work
Friday, February 5, 2010
Pitt County can cheer some promising signs emerging from the economy, with housing sales improving locally as national consumer spending saw an increase for the third consecutive month. Those could be signals that the long-awaited recovery has finally arrived to chase away a prolonged recession.
However, higher-then-expected national unemployment claims released on Thursday, coupled by rising unemployment locally, further illustrate the obvious drawback of this economic resuscitation.
The country will continue to struggle with so many out of work, and facilitating job creation should be priority No. 1 on the state and federal levels.
Stock indices tumbled during Thursday trading following the release of jobless claim numbers that were higher than expected. Some 480,000 Americans filed new jobless claims last week and 4.6 million filled continuing claims, both exceeding expectations and showing the tremendous number of people struggling to find work in this economy.
That is true in Pitt County, where unemployment numbers released last week show a dour view of the county’s job market. The jobless rate jumped from 9.9 percent in November to December’s 10.1 percent. That was less than the state’s 10.9 percent, but still a tremendously high figure for one of the most prosperous counties in eastern North Carolina.
A few promising signs emerged from the economic doldrums in recent days, and positive numbers about housing sales and consumer spending could predict brighter days ahead for Pitt County. However, the rising unemployment and a lack of job creation continue to damper optimism that an economic recovery has finally chased away the crippling recession.
Local residents are looking for help, and they are hoping that government will employ new strategies to facilitate employment. Washington can help create an atmosphere conducive to job growth through legislation that remains stalled and on which President Barack Obama called for swift action during his State of the Union address. For North Carolina, lawmakers should give strong consideration to tackling the pressing need for revenue and tax reform, including sweeping measures that would allow for fairer and more equitable tax base that increases the state’s competitiveness.
Those are but two ways to pursue job growth and surely there are more. What is clear, however, is that reducing unemployment by putting Americans back to work stands as the most pressing challenge facing this country and the key to recovery. Other factors may be cause for optimism, but they do little to restore the country’s economic vitality.