No doubt this are not the best news ever, but we have to keep in mind that we are on the path of recovery. The numbers are horrific but we are going to get through it, there are Things to Understand About Unemployment Statistics.
Tomorrow morning the Bureau of Labor Statistics will release the latest Employment Situation Summary, which will include the most current unemployment rate. Many analysts believe unemployment could be greater than 20%. The emotional impact on these households is devastating.
There are, however, some small rays of light shining through on this issue. Here are three:
1. The actual number of unemployed is less than many are reporting
It is true that, over the last ten weeks, over 40.7 million people have applied for unemployment. It is also true, however, that many of those people have already returned to work or gotten a new job. The actual number of people currently unemployed is 21.1 million. This is still a horrible number, but about half of what is often being reported.
2. Of those still unemployed, most are temporary layoffs
Last month’s unemployment report showed that 90% of those unemployed believe their status is temporary. However, a recent survey by the Federal Reserve Bank showed that employers believe over 75% of job losses are temporary layoffs and furloughs. This means 3 out of 4 people should be returning to work as the economy continues to recover.
3. Those on unemployment are receiving assistance
According to a recent study from the Becker Friedman Institute for Economics at the University of Chicago, 68% of those who are eligible for unemployment insurance receive benefits that exceed lost earnings, with 20% receiving benefits at least twice as large as their lost earnings.
Bottom Line
Tomorrow’s report will be difficult to digest. However, as the nation continues to reopen, many of those families who are impacted will be able to return to work.
– Get your San Antonio Home Valuation Here
Connect with me on Facebook for updates and information.
[showcaseidx_hotsheet name=”San Antonio – ALL – H”]
