Unemployment Blues

Just weeks ago, the Greater Rochester region grappled with a tight job market as our unemployment rate was too low. Today, we are faced with a different dilemma. Due to the coronavirus epidemic, the unemployment rate has skyrocketed around the globe. Goldman Sachs reports that Unemployment across the nation will hit 15 percent in the second quarter of 2020. America is not alone in extensive job loss reports; this is happening across the world. The Covid-19 pandemic has affected traditional work as we know it.

The workers deemed essential are on the front-lines in Healthcare, Public Safety, Sanitation, Food Service, Postal Service, and more. Corporations are forced to layoff and furlough workers at this time due to the dire state of the economy. And, because of state and federal mandates, most businesses are closed.

Some people can work from home, but the travel, retail, and restaurant industries have taken a hit, they’ve had to layoff millions of people. The next few months will be challenging for all of us. To put this in perspective, 6.6 million Americans filed for Unemployment just last week, according to the Wall Street Journal.

We will bounce back eventually. Still, the current climate shows that we are leaning toward a recession due to a sharp decline in economic activity. Believe it or not, there are job opportunities out there. Your job search might take some time, but there are immediate opportunities available for you to apply for. We will come out of this stronger and more motivated. I know we will.