Cleveland-area expert says the recovery may be underway.
Economist Ken Mayland talks with WTAM's Ken Robinson.
(Cleveland) - The layoffs are slowing. The Department of Labor reports employers cut just 247,000 jobs in July. That's the fewest in a year and brings the nation's unemployment rate down to 9.4 percent.
However, one of the reasons the rate went down was because hundreds of thousands of people left the labor force. All told, there were 14.5 million people out of work in July.
Ken MaylandKen Mayland, president of Clearview Economics in Pepper Pike says even though the decline is just one tenth of a percent, this is good news because it signals the recession is starting to turn into a recovery.
Mayland also feels the dip may provide a psychological boost to worried consumers, and might convince many to start spending again.
Mayland believes Cleveland's economy may pick up as auto workers return to their factories as sales continue to increase.
He does warn that dangers lie ahead, and that unemployment rate could still rise before dropping further.
(Copyright 2009 Clear Channel, all rights reserved.)
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