Unemployment: Hope on the Horizon
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 forecasts may be high, the numbers are trending down and the length of time isn’t expected to last forever.
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.