Economic News Week: January 3, 2010
by Tony Stevenson
Last Friday the DOW rose 7.8 points to end the year at 11,577. The DOW gained about 11 percent for the year. Not too shabby after all the economic woes our Nation faced in 2010. As the year closed, the economy made broad gains. The year ended with stocks at their highest level since 2008 on definite signs the economy is improving. Factories produced more and consumers returned to the malls and retail outlets. Shoppers spent at a faster pace this Christmas season since 2006. To close the year, Congress passed $858 billion in tax cuts and aid to the long-term unemployed. Most economists would agree that we are on the road to a ‘recovery year’ in 2011-with even better economic news to come. The better news being that folks are being employed and the Nation’s unemployment rate will drop by 1-2 points by years end-2011. Jobless benefits dropped to its lowest level in two years last week. Proving that the U.S. labor market is taking a turn for the better as the economy roars into 2011.
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