Borderline Recession
One does not have to be an economist to notice the economy is in serious trouble. There are signs everywhere. Unemployment has raised in May to 5.5% it's highest level since 2004; this is the largest monthly increase since 1986. Stocks plunged almost 400 points. If this was not enough, crude oil is at an all time high. Gas prices are expected to rise again and very soon.
Experts still say we are not in a recession, but we are very close. Chances are if the economy is not affecting you it is affecting someone you know. The elderly, working, and poor are being hit extremely hard. The industries being hit the hardest are airline, construction, housing, leisure, among others.
Many business owners are having to make tough decisions of letting their longtime loyal employees go. Other business owners are moving their offices into their homes. Some have attempted to lower their prices drastically; others are having 50% off sales. Many businesses are barely able to stay afloat during these economic hard times.
There are no signs of immediate improvement, or improvements in the economy any time soon. Perhaps soon the experts will state the economy is in a recession. Though the technical signs are not there to show a recession at the moment, times are tough for many. With any luck things will start to improve soon.