FTSE slips below 5,000 on gloomy US jobs data

Summary:
This article tells us how both the UK and United States has been doing so badly economically. The FTSE 100 has failed to reach the 5000 point threshold for the first time in three weeks, therefore earning less money. United Sates has also suffered a large economic lost from job losses. During September, the US suffered a job loss of 263,000. Not only is this number of loss 100,000 greater than expected, but it is also the 21st consecutive month in declining employment figures for the Sates. During this time, banks are the ones with the greatest lost. The only area in US that isn’t in an economic crisis is Wall Street. Although they currently may not be in a crisis, they are still suffering a decline in business. Even though things may look bad for United States, people in power still believe that US would start recovering by the third quarter, and begin generating jobs by the first quarter next year.


Connections:
The connection between accounting and this article is the declining economic conditions. The major causes of job losses are bankruptcy of businesses. Therefore there are fewer jobs possible for everyone and especially people in the business area in particular. As more businesses go bankrupt, there are more accountants and other business people being left jobless. In order for the economy to make a turn, people must create more job opportunities and stimulate the economy. Whenever there are jobs, accountants are needed and that’s why accountants also play a huge role in fixing the economy.


Reflection:
Due to the horrible economy, prices are dropping and many people are jobless. Although people in Canada are better off than United States, Canada is still affected by its neighboring country. I think that the economy is slowly getting worst and if we do not provide more job opportunities for people, it won’t be recovering anytime soon. What I think the government should do is sponsor a huge project on one type of business and start hiring a lot of workers to stimulate the economy.


http://www.telegraph.co.uk/finance/markets/ftse100/6256321/FTSE-slips-below-5000-on-gloomy-US-jobs-data.html