By the end of 2009, the jobless rate stood at 10% and the number of unemployed persons at 15.3 million. The Bureau of Labor Statistics issued an updated report in June of 2010 that among the unemployed, 4 in 10 (6.1 million people) have remained jobless for approximately 7 months or more, by far the highest proportion of long-term unemployment on record, with data back to 1948.
In addition, the Economic Stress Index reported by the Associated Press indicates that more than two-thirds of the United States (37 of 50 states) endured more hardship in June than in May due to more bankruptcies in the West and foreclosures in the North. The reversal of improvement reflects a slowing economy.
"The U.S. recovery has lost momentum as of midyear and is struggling to find its footing," said Lynn Reaser, President of the National Association for Business Economics. "Risks to the nation's recovery are growing. Unemployment is stuck near double digits. The ailing housing market is pressuring home values. The stock market has been roiled by Europe's debt crisis and concerns about the U.S. recovery." As consumer confidence has sunk, shoppers have cut back on borrowing and spending.
Opposite of the current economic recession, the Health and Wellness Industry is projected to grow, raising consumer sales of health and nutrition products from $200 billion to $1 trillion over the next several years. According to experts, there's a reason for this forecasted growth, even while most every other trade of the economy is in decline.
After 2008 elections, voters said HEALTHCARE was the most important issue, after the economy. There is ample evidence that health and wealth are related, and it is possible that health helps drive-or hinder-economic mobility. According to a survey recorded in the Journal of Economic Perspectives, individuals who report excellent health hold 74 percent more wealth than those who report fair or poor health.
Regarding health and financial status, where are you today? Where were you 5-10 years ago? And where will you be 5-10 years from now? To date, our unemployment rates remain constant without significant signs of improvement. Over 15 million jobs have been lost since the beginning of the downward shift in the economy; but to our greater dismay, experts are finding that as our financial condition deteriorates… so too does our health.