By Brent Pearson, Resource Development Planner

It is not uncommon to pick up the daily newspaper and read a headline with the latest unemployment numbers. The article may reference the success of the economy's recovery from the throes of one of the deepest recessions in recent history. Unemployment continues to drop as the recovery enters its eighth year; however, this is not the only way to measure economic growth. As the world continues to change, it may be time to consider alternative forms of measuring success, such as prosperity.  

In labor market economics, jobs are king. The "official" unemployment rate (the rate that is most commonly reported) is simply the total unemployed as a percentage of the civilian labor force (employed plus unemployed). This statistic has some limitations as an analysis tool because it offers only a windshield perspective of what is truly happening on a national, statewide, regional, or local economic stage. Since consumer spending is a key measure to a robust economy - one where goods and services are free-flowing -- personal prosperity is just as important as measuring employment status.