{"id":1405,"date":"2021-01-21T14:08:59","date_gmt":"2021-01-21T14:08:59","guid":{"rendered":"https:\/\/phphouses.com\/blog\/?p=1405"},"modified":"2021-01-21T14:08:59","modified_gmt":"2021-01-21T14:08:59","slug":"experts-saying-2021-job-market","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/experts-saying-2021-job-market\/","title":{"rendered":"What Experts Are Saying about the 2021 Job Market"},"content":{"rendered":"
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What Experts Are Saying about the 2021 Job Market<\/p><\/div>\n

Earlier this month, the\u00a0Bureau of Labor Statistics<\/em>\u00a0(BLS) released their most recent\u00a0Jobs Report<\/a><\/em>. The report revealed that the economy lost 140,000 jobs in December. That\u2019s a devastating number and dramatically impacts those households that lost a source of income. However, we need to give it some context. Greg Ip,\u00a0Chief Economics Commentator<\/em>\u00a0at the\u00a0Wall Street Journal<\/em>\u00a0(WSJ),\u00a0explains<\/a>:<\/p>\n

\u201cThe economy is probably not slipping back into recession. The drop was induced by new restrictions on activity as the pandemic raged out of control. Leisure and hospitality, which includes restaurants, hotels, and amusement parks,\u00a0tumbled 498,000<\/strong>.\u201d<\/em><\/p><\/blockquote>\n

In the same report, Michael Pearce,\u00a0Senior U.S. Economist\u00a0<\/em>of\u00a0Capital Economics,<\/em>\u00a0agreed:<\/p>\n

\u201cThe 140,000 drop in non-farm payrolls was entirely due to a massive plunge in leisure and hospitality employment, as bars and restaurants across the country have been forced to close in response to the surge in coronavirus infections. With employment in most other sectors rising strongly, the economy appears to be carrying more momentum into 2021 than we had thought.\u201d<\/em><\/p><\/blockquote>\n

Once the vaccine is distributed throughout the country and the pandemic is successfully under control, the vast majority of those 480,000 jobs will come back.<\/p>\n

Here are two additional comments from other experts, also\u00a0reported<\/a>\u00a0by the WSJ that day:<\/p>\n

Nick Bunker,\u00a0Head of Research in North America<\/em>\u00a0for\u00a0Indeed<\/em>:<\/strong><\/h5>\n

\u201cThese numbers are distressing, but they are reflective of the time when coronavirus vaccines were not rolled out and federal fiscal policy was still deadlocked. Hopefully, the recent legislation can help build a bridge to a time when vaccines are fully rolled out and the labor market can sustainably heal.\u201d<\/em><\/p><\/blockquote>\n

Michael Feroli,\u00a0Chief U.S. Economist<\/em>\u00a0for\u00a0JPMorgan Chase<\/em>:<\/strong><\/h5>\n

\u201cThe good news in today\u2019s report is that outside the hopefully temporary hit to the food service industry, the rest of the labor market appears to be holding in despite the latest public health challenges.\u201d<\/em><\/p><\/blockquote>\n

What impact will this have on the real estate market in 2021?<\/strong><\/h4>\n

Some are concerned that with millions of Americans unemployed, we may see distressed properties (foreclosures and short sales) dominate the housing market once again. Rick Sharga,\u00a0Executive Vice President<\/em>\u00a0at\u00a0RealtyTrac<\/em>, along with most other experts, doesn\u2019t believe that will be the\u00a0case<\/a>:<\/p>\n

\u201cThere are reasons to be cautiously optimistic despite massive unemployment levels and uncertainty about government policies under the new Administration. But while anything is possible, it\u2019s highly unlikely that we\u2019ll see another foreclosure tsunami or housing market crash.\u201d<\/em><\/p><\/blockquote>\n

Bottom Line<\/strong><\/h3>\n

For the households that lost a wage earner, these are extremely difficult times. Hopefully, the new stimulus package will lessen some of their pain. The health crisis, however, should vastly improve by mid-year with expectations that the jobs market will also progress significantly.<\/p>\n

Contact us:<\/strong>
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\nemail:\u00a0info@phphouses.com<\/p>\n

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THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.<\/em><\/h5>\n","protected":false},"excerpt":{"rendered":"

There are reasons to be cautiously optimistic despite massive unemployment levels and uncertainty about government policies under the new Administration. Finish Reading What Experts Are Saying about the 2021 Job Market<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[38,18,91,52,23,40,292,294,185,63,20,12,48,13,28,54,47,19,6,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1405"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=1405"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1405\/revisions"}],"predecessor-version":[{"id":1407,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/1405\/revisions\/1407"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=1405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=1405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=1405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}