{"id":844,"date":"2020-06-08T14:15:38","date_gmt":"2020-06-08T14:15:38","guid":{"rendered":"http:\/\/phphouses.com\/blog\/?p=844"},"modified":"2021-01-27T15:04:50","modified_gmt":"2021-01-27T15:04:50","slug":"shocking-news-unemployment-report","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/shocking-news-unemployment-report\/","title":{"rendered":"The Shocking News in the Unemployment Report"},"content":{"rendered":"<div id=\"attachment_845\" style=\"width: 760px\" class=\"wp-caption aligncenter\"><img aria-describedby=\"caption-attachment-845\" decoding=\"async\" loading=\"lazy\" class=\"size-full wp-image-845\" src=\"http:\/\/phphouses.com\/blog\/wp-content\/uploads\/2020\/06\/20200608-KCM-Share.jpg\" alt=\"\" width=\"750\" height=\"410\" srcset=\"https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2020\/06\/20200608-KCM-Share.jpg 750w, https:\/\/phphouses.com\/blog\/wp-content\/uploads\/2020\/06\/20200608-KCM-Share-300x164.jpg 300w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><p id=\"caption-attachment-845\" class=\"wp-caption-text\">The Shocking News in the Unemployment Report<\/p><\/div>\n<p>Last Friday, the\u00a0<em>U.S. Bureau of Labor Statistics<\/em>\u00a0released their May\u00a0<a title=\"Employment Situation Summary\" href=\"https:\/\/www.bls.gov\/news.release\/empsit.nr0.htm\" target=\"_blank\" rel=\"noopener noreferrer\"><em>Employment Situation Summary<\/em><\/a><em>.\u00a0<\/em>Leading up to the release, most experts predicted the unemployment rate would jump up to approximately 20% from the 14.7% rate announced last month.<\/p>\n<p>The experts were shocked.<\/p>\n<p>The\u00a0<em>Wall Street Journal<\/em>\u00a0put it this\u00a0<a title=\"way\" href=\"https:\/\/economics.cmail20.com\/t\/ViewEmail\/d\/6A743EE61457733D2540EF23F30FEDED\/5323CD85A2087AFD22947492D9797BBC\" target=\"_blank\" rel=\"noopener noreferrer\">way<\/a>:<\/p>\n<blockquote><p><em>\u201cThe May U.S. jobless rate fell to 13.3% and employers added 2.5 million jobs, blowing Wall Street expectations out of the water: Economists had forecast a loss of 8.3 million jobs and a 19.5% unemployment rate.\u201d<\/em><\/p><\/blockquote>\n<p>In addition, CNBC\u00a0<a title=\"revealed\" href=\"https:\/\/www.cnbc.com\/2020\/06\/05\/jobs-report-may-2020.html\" target=\"_blank\" rel=\"noopener noreferrer\">revealed<\/a>:<\/p>\n<blockquote><p><em>\u201cThe May gain was by far the biggest one-month jobs surge in U.S. history since at least 1939.\u201d<\/em><\/p><\/blockquote>\n<p>Here are some of the job gains by sector:<\/p>\n<ul>\n<li>Food Service and Bartenders \u2013 1,400,000<\/li>\n<li>Construction \u2013 464,000<\/li>\n<li>Education and Health Services \u2013 424,000<\/li>\n<li>Retail \u2013 368,000<\/li>\n<li>Other Services \u2013 272,000<\/li>\n<li>Manufacturing \u2013 225,000<\/li>\n<li>Professional Services \u2013 127,000<\/li>\n<\/ul>\n<p>There\u2019s still a long way to go before the economy fully recovers, as 21 million Americans remain unemployed. That number is down, however, from 23 million just last month. And, of the 21 million in the current report, 73% feel their layoff is temporary. This aligns with a recent\u00a0<em>Federal Reserve Bank<\/em>\u00a0<a title=\"report\" href=\"https:\/\/www.frbatlanta.org\/blogs\/macroblog\/2020\/05\/01\/covid-19-caused-3-new-hires-for-every-10-layoffs?mod=article_inline\" target=\"_blank\" rel=\"noopener noreferrer\">report<\/a>\u00a0that showed\u00a0<em>employers<\/em>\u00a0felt 75% of the job losses are temporary layoffs and furloughs.<\/p>\n<p>The\u00a0<em>Employment Situation Summary<\/em>\u00a0was definitely a pleasant surprise, and evidence that the country\u2019s economic turnaround is underway. The data also offers a labor-market snapshot from mid-May, when the government conducted its monthly survey of households and businesses. Many states did not open for business until the second half of May. This bodes well for next month\u2019s jobs report.<\/p>\n<h3><strong>Bottom Line<\/strong><\/h3>\n<p>We cannot rejoice over a report that reveals millions of American families are still without work. We can, however, feel relieved that we are headed in the right direction, and much more quickly than most anticipated.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Contact us:<\/strong><br \/>\nPHP Houses<br \/>\n142 W Lakeview Ave<br \/>\nUnit 1030<br \/>\nLake Mary, FL 32746<br \/>\nPh:\u00a0<span id=\"gc-number-1\" class=\"gc-cs-link\" title=\"Call with Google Voice\">(407) 519-0719<\/span><br \/>\nFax:\u00a0<span id=\"gc-number-2\" class=\"gc-cs-link\" title=\"Call with Google Voice\">(407) 205-1951<\/span><br \/>\nemail:\u00a0info@phphouses.com<\/p>\n<p><strong>Let\u2019s Connect:<\/strong><br \/>\n<a href=\"https:\/\/www.facebook.com\/WeBuyHousesCentralFlorida\/\">Facebook<\/a><br \/>\n<a href=\"https:\/\/www.linkedin.com\/in\/walter-diloreto-25403710\/\">Linkedin<\/a><br \/>\n<a href=\"https:\/\/twitter.com\/WalterDiLoreto\">Twitter<\/a><br \/>\n<a href=\"https:\/\/www.instagram.com\/wdiloreto\/\">Instagram<\/a><\/p>\n<h6><em>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><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>Economy Recovery <a class=\"continue\" href=\"https:\/\/phphouses.com\/blog\/shocking-news-unemployment-report\/\">Finish Reading<span> The Shocking News in the Unemployment Report<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[38,15,199,167,152,18,91,49,42,184,63,20,12,148,48,68,13,28,47,19,154,204,39,6,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/844"}],"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=844"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/844\/revisions"}],"predecessor-version":[{"id":846,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/844\/revisions\/846"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=844"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=844"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=844"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}