Legal news and tips for employees, by Law Office of Eugene Lee

Economic Recovery Around the Bend?

The signs of recovery (or at least a bottoming out) are there. The US economy shrank just 1% between April and July of 2009, after shrinking at a torrid 6.4% pace in the first quarter. (New York Times). The Dow Jones Industrial Average is at 9,300, up almost 3,000 from its 52-week low. And as shown in the graph above, unemployment may finally be showing signs of slowing with a loss of “only” 247,000 nonfarm jobs in July (Data from Bureau of Labor Statistics). According to the Blue Chip Economic Indicators survey of private economists released in August 2009, roughly 90% of respondents believe the recession will be declared ended in the third quarter of 2009. (Reuters: “U.S. recession seen ending in third quarter”).

California, and its sister states, Nevada and Oregon, have been especially hard hit by the recession, as can be seen from the graph at right (darker is worse). California is struggling with an unemployment rate that hit 11.6% in June 2009. But California also continues to track the rest of the country toward a bottoming out. In short, we appear to have pulled back from the precipice of the “Greatest Depression”.

At times like this, BusinessWeek reminds us that it is more important than ever to be optimistic. Read “Why It’s Smart To Be Optimistic” (and watch the video) to understand why optimists, or “opportunists”, will be better positioned to seize on the opportunities that have been opened up by a restructured economy. If you’ve come this far, you’ve probably weathered the worst of it. Here’s to sunnier skies for hard-working and can-do Americans like you.


Leave a reply

Law Office of Eugene Lee
555 W 5th St, Ste 3100
Los Angeles, CA

Law Office of Eugene Lee
6 Centerpointe Dr, Ste 700
La Palma, CA 90623

T: (213) 992-3299
F: (213) 596-0487

Disclaimer: This website is an advertisement. The information and material contained in this website are for general informational purposes only. They do not constitute legal advice and should not be used or relied on as such. Any liability that might arise from any use or reliance on the contents of this site is expressly disclaimed. Your use of such contents does not create an attorney-client relationship – only an express signed agreement can do that. The content of any communication you send to us via the Internet or through e-mail may not be considered confidential. Eugene D. Lee is licensed to practice law in the States of New York and California only.

Creative Commons License

This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License. You are free to Share — to copy, distribute, display, and perform the work under the following conditions: 1. Attribution. You must attribute the work in the manner specified by the author or licensor (but not in any way that suggests that they endorse you or your use of the work). 2. Noncommercial. You may not use this work for commercial purposes. 3. No Derivative Works. You may not alter, transform, or build upon this work.