The economy may appear to be in the same shabby state as it had been since the start of the recession in the late 2000s, but appearances can be deceiving. Closer observation of current trends suggests that the worst of the economic storm has indeed passed, due in no small part to a rapid and widespread restructuring of the U.S. economy and gradual demographic and social shifts.
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The recession saw an end to the abuses that led to the housing bubble, while the slow but steady recovery of real estate and manufacturing were met with a resurgence of low energy costs and the increased spending power of the American buyer. In the previous year alone, job creation in the country reached a 6-year high. Moreover, lower crime rates have relieved some of the economic burdens from citizens, fostering more resilient urban economies in the process.
The U.S. economy's recovery is also frequently seen as the most sustainable, capable of keeping up growth expectations in the near future. However, the country's not out of the woods yet. While the real estate markets are recovering, the average potential homebuyer has not. The growing economic divides between rich and poor make the targeted economic growth goals all the more difficult to reach. More needs to be done to bridge this gap.
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The economic climate has been extremely kind to startups and newer industries, which are leading the hiring boom as their insatiable appetite for talent propels them forward. With job demands at a robust high, the job market has become more and more competitive. Startups and other smaller businesses would need to step up their game to attract the same talent that other larger corporations are also vying for.
While it's too early to be overly confident with this new, more robust economy, there are plenty of reasons to be cautiously optimistic.
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