...after beginning 2014 with a dismal GDP growth rate of -2.1 percent, the U.S. economy has put together impressive, back-to-back second and third quarters of 4.6 percent and 3.5 percent growth, respectively.
(PRWEB) November 20, 2014
The U.S. economy continues its struggle to break out of a sub-par economic recovery that has lasted for at least five years, according to the most recent Monthly Economic Outlook released by Northwood University in Midland, Michigan.
“It’s the slowest economic recovery by gross domestic product (GDP) growth since the end of World War II,” notes report author, economist Timothy G. Nash, vice president for Strategic and Corporate Alliances and the Fry Endowed Professor in Free Market Economics at Northwood University.
Nash says that GDP growth since WWII has averaged roughly 3.2 percent to date but quarterly U.S. GDP growth has averaged only 1.82 percent since 2009, with the first three quarters of 2014 at 2 percent.
“However, after beginning 2014 with a dismal GDP growth rate of -2.1 percent, the U.S. economy has put together impressive, back-to-back second and third quarters of 4.6 percent and 3.5 percent growth, respectively,” Nash notes.
This is impressive, according to Nash, who adds mid-term election results indicate the likelihood of more “pro-business” legislative policies at state and federal levels. The most recent report also points out areas of concern and opportunity, relative to regulation and job growth in the United States. It examines such issues as increased retaliation filings with the EEOC, rankings on various global competitiveness indexes and other crucial influencers. One indicator that the report pays close attention to is “quit levels,” a marker that signals when employees quit existing jobs because they have attained a better, higher-paying job. Economists track quit levels as a sign of improving wages and a more robust job market.”
“Quit levels are increasing but not quickly enough,” Nash notes. “At the trough of the Great Recession of 2009, U.S. quite levels were at a historically low 1.3 percent of U.S. payrolls. The long-term average annual U.S. quit level is 2.1 percent, while U.S. quit levels today are at 1.8 percent.”
The entire Northwood University Monthly Economic Outlook, which also examines the status of the global economy, is available at http://www.northwood.edu/documents/about/Outlook/NUEconomicOutlook_112014.pdf.
For more information on Northwood University, visit http://www.northwood.edu, or call 800.622.9000.
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Northwood University is committed to the most personal attention to prepare students for success in their careers and in their communities; it promotes critical thinking skills, personal effectiveness, and the importance of ethics, individual freedom and responsibility.
Private, nonprofit, and accredited, Northwood University specializes in managerial and entrepreneurial education at two full-service, residential campuses located in southern Florida and mid-Michigan. Adult Degree Programs are available in seven states with many course delivery options including online. The DeVos Graduate School offers accelerated, evening and weekend programming in Michigan, Texas and Florida. The Alden B. Dow Center for Creativity and Enterprise provides system-wide expertise in family enterprise, entrepreneurship, creativity and innovation, and new business development. International education is offered through study abroad and in Program Centers in Switzerland, China (Changchun and Wuxi), Malaysia and Sri Lanka.