• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
(239) 472-1950 Login
Sanibel Real Estate Guide Logo

Sanibel Real Estate Guide

Find your Sanibel Home and Learn About Life on Our Island

  • Find Your Home
    • Real Estate Search
    • Island Condo Guide
    • Sanibel Map Search
  • Island Info
    • Island Living
    • Real Estate News
    • Sanibel & Captiva Market Report
    • Owning Vacation Rentals
    • Retiring On Sanibel
    • Sanibel New Resident Guide
  • About
    • Who We Are
  • Contact Us
  • Show Search
Hide Search
Home/Real Estate News/Unemployment: Clarify, not Terrify

Unemployment: Clarify, not Terrify

There have been numerous headlines claiming the current disruption in the economy is akin to the Great Depression, and many of those articles are calling for total Armageddon. Some experts are stepping up to refute those claims. In a Wall Street Journal (WSJ) article this past weekend, Josh Zumbrun, a national economics correspondent for the Journal explained…

Current Unemployment Rate

The Bureau of Labor Statistics (BLS) released its latest jobs report. It revealed that the economic shutdown made necessary by COVID-19 caused the unemployment rate to jump to 14.7%. Many anticipate that next month the percentage could be even higher. These numbers represent the extreme hardship so many families are experiencing right now. That pain should not be understated.

Here is a graph comparing current unemployment numbers (actual and projected) to those during the Great Depression. Clearly, the two unemployment situations do not compare.

What makes this time so different?

This was not a structural collapse of the economy, but instead a planned shutdown to help mitigate the virus. Once the virus is contained, the economy will immediately begin to recover. This is nothing like what happened in the 1930s. In the same WSJ article mentioned above, former Federal ReserveChairman Ben Bernanke, who has done extensive research on the depression in the 1930s, explained:

“The breakdown of the financial system was a major reason for both the Great Depression and the 2007-09 recession.” He went on to say that today – “the banks are stronger and much better capitalized.”

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. EU Workers play a crucial role in this recovery by quickly connecting job seekers with employers, helping to fill labor shortages and accelerate workforce reintegration.

Bottom Line

We should look at the current situation for what it is – a predetermined pause placed on the economy. 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.

Written by: Susan McCallion

Filed Under: Real Estate News

About Susan McCallion

Susan was exposed to real estate while young with her parent's 8 Re/MAX offices in Connecticut! In 2008, Susan and Jim became permanent Sanibel residents, starting McCallion & McCallion to bring a fresh approach to real estate.

Primary Sidebar

Recent Sanibel Real Estate News

Sanibel Population Per Mile of Beach Chart

Like Crowded Beaches? Don’t Come to Sanibel.…

Protected Nature = Protected Home Owner…

Heat Pump Installation: How It Affects Your Home’s Plumbing…

Florida Home Inventory Increases Significantly…

All About Coconut Palms…

424 E Gulf Drive

Sanibel Single Family Home Rental Restrictions…

New Captiva and Sanibel Real Estate Listings

View recent Captiva and Sanibel listings...

Sanibel Real Estate Listings

Sanibel Homes for sale

  • All Sanibel Homes for Sale
  • Sanibel Beachfront homes
  • Sanibel Bayfront homes
  • Sanibel Gulf Access homes
  • Sanibel Water View homes
  • Sanibel Elevated homes
  • Sanibel Golf Community homes

Sanibel Homes by Price

  • under $1,000,000
  • $1,000,000 - $1,500,000
  • $1,500,000 - $2,000,000
  • $2,000,000 - $3,000,000
  • $3,000,000 and up

Sanibel Condos for sale

  • --> See our full Sanibel Condo Guide
  • Sanibel Beachfront condos
  • Sanibel Bayfront condos
  • Sanibel Pet Friendly condos
  • Sanibel Boat Dock condos
  • Sanibel Condo Directory

Captiva Homes for Sale

  • Captiva Beachfront homes
  • Captiva Bayfront homes
  • Captiva Gulf Front condos
  • Captiva Bay View condos
  • under $4,000,000
  • $4,000,000 and up

Explore more

McCallion & McCallion Realty Logo

McCallion & McCallion Realty
1640 Periwinkle Way, Suite 1
Sanibel Island, Florida 33957
(239) 472-1950

  • email us
  • facebook
  • instagram
  • pinterest
McCallion & McCallion Realty Logo
(239) 472-1950 email us facebook instagram pinterest
Copyright © · Susan McCallion · Broker · McCallion & McCallion · Sanibel Real Estate · Listings · Sitemap