The main factors that determine the development or instability of an economy are showing that the United States’ economy is improving, but at a slow pace. According to CNN reporter Chris Isidore, there have been increases in home prices, sale of houses and construction. These movements indicate growth in the economy as the housing market is picking up its regular business pace. Coupled with the increases in construction and home prices and buying there has been a decrease in the foreclosure rates. In addition, the employment rate for the month of September was 7.8%, which means that people are obtaining jobs, so now more consumers will be spending money in the economy. For this reason, the economy should be improving in the upcoming months. However, the results of the current election could affect the future of the United States’ economy in an uncertain manner. Most analysts, nevertheless, believe that the economy will continue its current slow growth.
In Rhode Island, the unemployment rate has been decreasing constantly the past couple of months. According to the Bureau of Labor Statistics, the unemployment rate decreased from 11.2% in April 2012 to 10.5% in September 2012. As more jobs are created in the state, people will feel more confident about the economy and they will most likely start spending more. This could mean consumers borrowing more, which becomes more asset accounts for Blue State Bank. Providence, I addition, is a city commonly known for its many small businesses and colleges. This means that as the national economy grows, the small business in the area will most likely grow as well.
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