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Economy provides hopeful signs as 2014 closes

Although there is a long way to go, there are positive signs as 2014 draws to a close that the U.S. economy is finally pulling itself out of its doldrums.

For example, as the Associated Press reported for a recent story, stocks have reached new heights. Employers were on pace to add nearly 3 million jobs, the most in 15 years. Sinking oil prices cut gasoline costs to their lowest levels since May 2009. Auto sales accelerated. And inflation was a historically low sub-2 percent.

AP noted that unlike past recoveries that enjoyed comparatively swift rebounds, this one proved agonizingly slow. It took 6 1/2 years to regain all the jobs lost to the recession – 8.7 million – far longer than during previous recoveries.

Employers added 2.65 million jobs over the first 11 months of the year, and the unemployment rate sank to 5.8 percent from 6.7 percent. When the government announces the December job data next month, the 2014 job total is expected to be just shy of 3 million – the most since the dot-com era in 1999, stated AP.

So there is much to be hopeful about as 2014 ends. Let’s hope that Washington lawmakers can find the leadership necessary to not derail the recovery in 2015.

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