Today, the unemployment numbers for April 2020 were released by the U.S. Bureau of Labor Statistics. It shows we have hit a peak of job loss filings the country hasn’t seen since the Great Depression (1929 – 1942), with April’s job losses alone showing 8.7 million more jobs lost in April than were recorded in the last recession (2006 – 2016). The data represents real families and lives affected by this economic slowdown. The numbers are alarming for us all.

The headlines across the internet today are filled with fear and doomsday scenarios. But there is hope on the horizon. With businesses across the country reopening this month, many people will be going back to work again soon. Last month’s report indicated we initially lost over 700,000 jobs in the US, and the unemployment rate quickly rose to 4.4%. With the release of the new data today, that number has increased in such a way that is nothing less than alarming. This BOLS report shows the unemployment rate at 14.7% according to Courtenay Brown at AXIOS (see graph below):

What’s happened over the last several weeks?

Here’s a breakdown of this spring’s weekly unemployment filings:

The good news shown here indicates the number of additional unemployment claims has decreased week over week since the beginning of April. Carlos Rodriguez, CEO of Automatic Data Processing (ADP) says based on what he’s seeing:

“It’s possible that companies are already anticipating some kind of normalization, opening in certain states and starting to post jobs.”

He goes on to say that this doesn’t mean all companies are hiring, but it could mean they are at the point where they’re not cutting jobs anymore. Let’s hope this trend continues.

What will the future bring?

Most experts predict that while unemployment is high right now, it won’t be that way for long. The length of unemployment during this crisis is projected to be significantly shorter than the duration seen in the Great Recession and the Great Depression.

While reported numbers may be alarmingly high, the numbers will soon be trending down and the length of large unemployment losses over time isn’t expected to last.

Bottom Line

Don’t let the headlines rattle you. There’s hope coming as we start to safely reopen businesses throughout the country. Unemployment affects our families, our businesses, and our country. Our job is to rally around those impacted and do our part to support them through this time.

As always, I’m asking the question, “How can I help you today?” What questions do you have regarding how the fallout of COVID-19 is effecting areas you are concerned about? I’d like to have the opportunity to find the answers for you and with you.

If you are not planning a real estate purchase or sale soon due to the fallout of the new COVID-Economy, I am here to help you in any way I can with your present situation. Check out our home value analysis for the specific possibilities on your home, and check out our recent Market Update for your area to give you a general look at what’s happening in your city. I appreciate you looking us up, and letting us be your information source for anything you may have a question about or need help with. We love people, and we love properties. Just reach out and call us at (503) 799-8354 to get in touch.

Cheers,

Michael Jester
Oregon Licensed Real Estate Broker
My Real Estate Advisor Team
Powered by eXp Realty, LLC

(503) 799-8354 Direct
michaelj@myreateam.com
2210 Mission St SE, Suite 250
Salem, OR 97302
www.myreateam.com