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The US vs. the European Economy

According to the latest Labor Department figures the US economy added 313,000 jobs in February. This is the biggest gain since July of 2016 and is more than the number economists had expected. The unemployment rate stayed at 4.1%, which is the lowest in 17 years and wages grew 2.6% in comparison to 2017.  We added half a million jobs during the first two months of 2018. The economic reports also show the month of February being the 89th consecutive month of job gains, which is the longest streak since the Labor Department started tracking these numbers in the 1940s.

The industries that made the biggest job gains include:

  • Banks and financial institutions with 28,000 jobs.
  • Manufacturing businesses hired 31,000 workers.
  • Construction gained 61,000 employees,
  • Mining industry held up to 9,000 new hires.

This is great news for South Florida because Miami is ranked among the top 100 cities to find jobs in 2018. Out of a total of 182 US cities, the WalletHub study revealed that our city came in 51st.

“College graduates, especially, will see a strong boost in their job prospects,” WalletHub stated.  “But your luck of finding work depends largely on location.”

WalletHub findings are supported by the Florida Department of Economic Opportunity that reported Florida had an unemployment rate of 3.6 percent and Miami-Dade County with an unemployment rate of 4.6 percent.

This current trend in economic growth is not exclusive to the US. Europe’s economy is expanding at an even faster rate. The European Union consists of 28 European nations and generates an estimated 30% of the world’s GDP and in 2017, the eurozone experienced a 2.5% economic growth.  The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. The region has seen unemployment fall to the lowest level since 2009 and factory productions are up at 3.2% from last year.

“Anything the U.S. economy can do the eurozone economy can do, slightly better it seems,” Jacob Deppe, head of trading at online currency broker Infinox Capital told CNN.  “With both the U.S. and eurozone growing in tandem and with Asian economies on a roll, the hope is that 2018 delivers continued growth, further confidence, and economic stability for the first time in a decade.”

The US job market is heading in the right direction and Europe is experiencing substantial growth. Overall, the global economy is doing pretty well. As we continue into 2018, we should expect to see more growth for both the US and the European nations for the new few years.

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