BY: Adam Gavriel
When sitting down to think about what truly drives the economy, you can easily come up with a few answers. There are the obvious, job-creation, employment, and consumer spending numbers that seem to be the popular answers. But what about the not so obvious factors? Important factors like small-business hiring and strength, as well as inflation are often overlooked. Of course, the topics that are overlooked are not limited to these two components.
On December 24th, theatlantic.com posted a very interesting article concerning automobile and home sales as a driving force in the future of the economy.
At first glance a few things become glaringly obvious. One of the first things I noticed was that this recession is the longest tenured bar on the graph, and remains the second lowest in terms of percentage.
The fact is that in the United States household formation is veering off of the trend and slowing down. This is due to a few factors.
Millennials and Gen-Y’ers have been getting paid at a declining rate since 2007. Not to mention that the unemployment among Millennials is twice that of the national average. Story goes, it’s not the best time in the country’s history to be a recent college graduate. With the lower wages comes the inability to afford housing and Millennials look towards renting apartments, rather than taking on a mortgage. Not to mention those that have no choice but to move back into the bedrooms they grew up in.
In Florida, the country’s fourth largest state economy, 10% of 25-34 year-olds had to give up their primary residence and move back in with their parents or another person.
Here is how Credit Suisse predicts the future of US household formations. Credit Suisse decided to run three forecasts including one with ‘no recovery’ (unlikely), ‘strong recovery’ (possible), and consensus recovery (plausible)
As the graphs in this blog show, housing is key to economic growth and it is encouraged young Americans (like me) to get out there and help the economy boom. Trust me, we’re trying!
So what can you do as a “young-gun” in today’s struggling American economy to get yourself employed? Well, you have to get on that grind and utilize the resources that are available to you.
Despite the fact that here at Crossroads Consulting we are more of an executive firm than an entry-level placement firm, we have a plethora of services to help you in the job search. With thousands of connections, a resume service, and interview preparation, we can help you get your foot in the door. As we all know, that in itself is half the battle.
Don’t forget to check our constantly updating job openings from across the nation!
And remember, we’re here to put the ‘human’ back into ‘human resources.’ Whether you’re a season veteran of the workforce, or an up and coming rookie, we’re here to help!