Financial Report: US Status in the Financial World Still On Top
By Ashley Jones on November 30, 2010, 7:15 am Posted in Finance News
Despite the recent economic downturn in both countries, the US and the UK still managed to take the top two spots in the Financial Development Report according to the World Economic Forum. The UK dropped to number two because of the low scores in financial stability. Both countries’ rankings were supported by the decline of scores in other countries. Other countries that improved their financial status were Singapore and Hong Kong; both came in third and fourth place.
Effects On Americans
Even though the United States still managed to be ranked as number one, the recession is still affecting millions of Americans. As of October 2010, unemployment in the US is at a staggering 9.6%, nearly reaching it’s record high percentage of 10.8% in 1982. However, payrolls increased by 151,000 after a 41,000 drop the following month according to the Department of Labor. Bloomberg economists predicted for the unemployment rate to stay at 9.6%. The wages also increased by 1.7% in October 2010 as so for October 2009. Studies also show that private hiring, excluding government agencies, increased over 159,000, which was the biggest gain for the economy since April. The survey showed the economists were only predicting an 80,000 gain.
Report In Other Industries
However, manufacturing industries decreased by 7,000 as of October 2010; the economists predicted a 5,000 gain. Employment in service providers increased by 146,000 since May 2010. Construction companies hired an additional 5,000 workers and retailers hired 27,900 workers. The average hourly earnings increased from $22.68 to $22.73 prior to October. However, government payrolls decreased 8,000, state and local governments reduced employment by 7,000 and federal government jobs cut approximately 1,000 jobs. There are new reports showing the US GDP (Gross Domestic Product) growing at 2.5%. Overall, the US economy grew at 2.5% because a lot of companies spent more.
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