US To Add 5 Million More Jobs By 2015

27 Nov 2013

According to the economists, the US economy will maintain its steady upward climb over the next 2 years, adding around 5 Million jobs.

Daniil Manaenkov of the RSQE (Research Seminar in Quantitative Economics) in the University of Michigan’s Department of Economics said that in 2013, quite a bit of short-term damage was inflicted to the US economy by Washington.

Manaenkov added that despite an apparent heavy burden of monetary slip-ups and domestic fiscal austerity, the US economy has showed commendable resilience and because of this, there is a hope that once fiscal headwinds abate, there will be a meaningful payroll job gains and growth in GDP.

Manaenkov along with colleague Matthew Hall predicted in their annual US economy’s forecast the creation of over 5 Million Jobs over the coming 2 years - 2.5 million jobs in 2014 and another 2.8 million jobs in 2015; as unemployment falls to around 6% from 7.1% during that time.

As measured by real GDP (Gross Domestic Product), the overall growth of economic output will ramp up from the present rate of 1.7% to 2.7% in 2014 and 3.1% in 2015, which will be the 1^st annual reading over 3% since 2005.

Apart from the solid growth in employment and GDP over the next 2 years, the forecast suggests a steadily recovering housing market. The building of new homes, both multi-unit and single-family housing, will keep increasing from this year’s 920,000 units to around 1.2 million in 2014 and nearly 1.5 million in 2015.