A Number As Important As Dow 10,000
The current business expansion is a remarkable thing to behold. It is the longest in peacetime history, growth and productivity are rising even as the cycle matures, inflation is amazingly absent, and soaring tax revenues are putting the federal budget in the black. But from a long-term societal perspective, nothing compares in significance to the dramatic decline in unemployment, which hit 4.2% in March and may fall to 3.9% by yearend. If this continues well into the next decade, we may finally see the integration of millions of low-skilled, poorly educated people into the workforce. This would be a major milestone for the nation.
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