U.S. Economics
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While most investors feel President Clinton deserves a good cigar for the booming American economy of the 1990s, where unemployment is concerned an employment dynamic is a major reason why things are so “Bull”-ish-job insecurity. What? How can Americans be insecure about their jobs, when job growth continues to develop leaving the unemployment rate at the level it was when Lyndon B. Johnson smoked cigars in the Oval Office. Yet, this is exactly the case in the current U.S. employment scenario. A survey of U.S. workers that is conducted four times a year by Rutgers University’s Heldrich Center for Workforce Development and the University of Connecticut’s Center for Survey Research & Analysis, “59% of the respondents say they are very concerned about job security for ‘those currently at work’-that is, for workers in general…a fifth doubt that working hard would guarantee them a job until retirement, and less than half expect to be working for the same employer in five years” (Koretz 1).As usual with macroeconomics, microeconomic factors have an impact. Job insecurity is important to a good economy, say some economic experts, because it keeps wages from being subject to an inflationary rush. Workers who are not secure about their jobs often fail to pressure their boss for a raise, whether overdue or not. If workers become secure in their position they will be more inclined to put added pressure on their employer fo
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prices, wage rates, profit margins and rental changes. The theory goes that consumers will try to spend as much of their income as possible in ways that bring them the most pleasure, or the concept of maximum utility. Those that produce the goods and/or services try to make as much profit as they can from such endeavors. As usual with economic factors, one element that is affected affects others and like a chain-reaction they keep impacting others until the macroeconomic environment is affected. The process works in reverse as well. For example the recent stock market woes are beginning to affect consumer demand. While spending in the first half of the year was robust and consumer confidence remains high, Americans are spending at a much slower pace in the second half of 1998. The rising prices of stocks and ever lowering long-term interest rates have been the fuel firing consumer demand, not too mention an extremely tight labor market. These factors have also kept productivity and demand high in spite of the world’s economic woes outside American borders.
Nonetheless, the recent stock market reverberations are due to the world’s economic troubles, a mounting pressure that can no longer be tolerated by American markets
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Some common words found in the essay are:
Fed Greenspan, Fed Chairman, Reserve Board, DEMAND Price, Fidel Castro, Fed Congress, Research Analysis, Rubin Greenspan, Nations Iraq, Louis Fed, domestic demand, economic woes, stock market, economic policy, consumer demand, rate cuts, wage growth, job growth, triple 1, alan greenspan, unlikely rate cuts, week oct 5, oct 5 1998, business week oct, impact rest world,
Approximate Word count = 3069
Approximate Pages = 12 (250 words per page)
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