For those directly effected the level of unemployment is certainly grim but overall the US economy is much sounder than most people realize. You will sometimes see a report about the stock market having recovered but even in these the main tone will be gloomy and other positives are not reported at all. However with the US real GDP (adjusted for inflation) now at pre-recession levels it is clear that more than the stock market has recovered. The obsession with the unemployment rate is counter-productive to helping it improve. The great majority of Americans are reasonably secure in their jobs, aren’t in foreclosure, and are able to spend. The sooner their mindset changes the sooner the unemployment rate will drop. Not only will their return to a normal level of consumption drive jobs but their improved confidence is what is needed to trigger confidence in corporate America to once again invest in capital and new employees.
via MarketWatch Real GDP now at pre-recession levels