While the unemployment rate remains near a record high 11.6% in the eurozone (10.3% for the entire European Union), the US unemployment rate saw a precipitous drop in July by a whooping 0.2% to reach only 6.1%. This is the lowest unemployment level in the US since 2008 and just barely half of the eurozone equivalent. Also, the US economy added 288,000 new jobs during June (far more than expected by experts), while the leading European economy in Germany actually saw an increase in its unemployment instead, experiencing a negative job growth.
Despite almost continuing improvement of employment levels during Obama's reign, he still doesn't seem to reap any benefits from it, except for his 2012 reelection victory that is (which is already old news by this stage). While China (to some degree; see ghost towns, high levels of company debt) and Europe (to a very large degree) are struggling, the US is perhaps seeing its most healthy economic recovery since the recession kicked in. Then why doesn't this trickle down to Obama as well? How come he doesn't get more credit for his turnaround? Three of the states which were hardest hit by the financial meltdown, Nevada, Florida and Michigan, are now three of the states with the most impressive economic turnaround. Hardly coincidential, is it?
More on this story here:
http://www.bloomberg.com/news/2014-07-03/payrolls-in-u-s-rise-more-than-forecast-jobless-rate-at-6-1-.html
