The U.S. economy is experiencing a slow jobs recovery that will last for an extended period for several reasons.
First, there is a large backlog of foreclosures keeping housing prices down and new construction to a minimum. Look at the daily Sedalia Democrat legal page, it speaks for itself. The housing sector and I believe the car industry has been the biggest contributor to jobs and services over the past 20 years that affects both the private- and government-sector job growth. Additionally, there is a crisis in confidence as Baby Boomers, who make up the largest percentage of the population, are too scared to spend ahead of retirement. In order to experience growth and expansion, people need to spend and utilize their income, which we are not seeing. They are not purchasing those big-ticket items.
