As the economy gets back on its feet, many states have seen their unemployment rates decline; across the country, the rate is down approximately a full percentage point from this time two years ago, and down nearly half of what it was in 2010. The declining of unemployment rates is very important, as it shows that the economy is beginning to recover from its downturn. This, however, makes the job arena an employee’s market versus an employer’s market.
What does that mean? Well, unemployment rates can only go down if people are getting jobs. This is good for the economy because one, there are fewer people looking for work, two, fewer people must rely on government assistance, and three, when people start to work, they have more money to spend and put back into the economy, strengthening it further. Businesses looking for new employees, however, are slightly less lucky in this situation.
