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The Latest Unemployment Rate Fell to 8.4%

The Latest Unemployment Rate Fell to 8.4% | Simplifying The Market

Last Friday, the Bureau for Labor Statistics released their Employment Report for August 2020. The big surprise was that the unemployment rate fell to 8.4%, a full percent lower than what many analysts had forecasted earlier in the week. Though it is tough to look at this as great news when millions of Americans are still without work, the number of unemployed is currently much lower than most experts had projected it would be just a few months ago.

Not Like the Great Depression or Even the Great Recession

Jason Furman, Professor of Practice at Harvard explained:

“An unemployment rate of 8.4% is much lower than most anyone would have thought it a few months ago. It is still a bad recession but not a historically unprecedented event or one we need to go back to the Great Depression for comparison.”

During the Great Depression, the unemployment rate was over 20% for four consecutive years (1932 – 1935). This April, the rate jumped to 14.7%, but has fallen each month since.

During and after the Great Recession (2007-2009), the unemployment rate was at 9% or greater for thirty consecutive months (April 2009 – October 2011). Most economists believe the current rate will continue to fall monthly as the economy regains its strength.

What Happens Going Forward?

The outcome will be determined by how quickly we can contain the virus. In their last Economic Forecasting Survey, the Wall Street Journal reported the economists surveyed believe the annual unemployment rates will be 6.6% in 2021 and 5.5% in 2022. Though that will still be greater than the 3.5% rate that we saw earlier this year, it is lower than the annual rate reported in 2011 (8.5%), 2012 (7.9%), and 2013 (6.7%).

Bottom Line

There are still millions of Americans struggling through this economic downturn. There is, however, light at the end of the tunnel. The unemployment situation did not get as bad as many had predicted, and the recovery is taking place faster than most thought would happen.

Content previously posted on Keeping Current Matters

Posted in: Melton Team Real Estate News

About Erin Melton, Associate Broker

Questions? Call Now: 757-784-1358
Erin Melton, Associate Broker - The Melton Team with RE/MAX Peninsula serving the communities of Richmond, Williamsburg and Hampton Roads, Va. Licensed in the State of Virginia.

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Erin Melton
Erin Melton real estate agent portrait.
Associate Broker
License#: 0225059465
Experience: 20 years
757-784-1358
erin.melton@exprealty.com
Newport News
11815 Fountain Way Suite 300
Newport News, VA 23606
757-784-1358
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The Melton Team has been selling homes in Hampton Roads, VA for over 20 years. We pride ourselves on being the internet real estate experts in the area. We sell single family homes, new homes, townhomes, condos and land. We service the following areas: Richmond VA, Williamsburg VA, Hampton VA, Newport News VA, York County VA, James City County VA, Yorktown VA, Poquoson VA and more.

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