In America

In spite of 2011’s unemployment figures, the year ended on a very positive note

As millions of Americans gathered together with their friends and loved ones on New Year’s Eve, many counted down the final ten seconds of 2011, eagerly anticipating the dawn of a new year and, with it, new promises for a better future.

And who could blame them? 2011 was another year of economic hardships – high unemployment rates, salary reductions, and layoffs, leaving thousands of Americans without a paycheck. It was also a year in which some negative unemployment records were either set or nearly matched.

The national underemployment rate, which includes unemployed and discouraged workers who have given up on the prospect of finding work, was 17.4 percent in October – an all-time high. The employment-population ratio, which measures the share of the population that has a job, fell to 58.5 percent in 2011, which is about as low as it has been throughout the last 30 years.

In addition, this past December was the 35th straight month that the unemployment rate was at least eight percent and, as a result, 13.1 million Americans were still looking for work at the end of the year.

However, despite all these element, there was still a glimmer of light at the end of the tunnel for many Americans, who either found new employment opportunities in 2011 or received promotions. In December alone, 200,000 new jobs were added to the economy as the unemployment rate dropped to 8.5 percent, the lowest in nearly three years, even though many economists had predicted a year-end unemployment rate of 8.7 percent, with much less job creation.

Overall, 1.6 million new jobs were gained throughout 2011, almost twice as much as in 2010, when only 940,000 jobs were created. December also marked the sixth consecutive month in which at least 100,000 jobs were added to the economy – a very positive streak that had not occurred since April 2006. And, to top it all off, many industries reported considerable growth in 2011.

Although there was some negative economic news to report in 2011, the year was also one of continuous economic progress, as noticed by a lower unemployment rate and an increase in annual hires. Maybe unemployed Americans really will find a light at the end of the tunnel after all – and sooner than many economists predicted.