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Kaye Swain Roseville REALTOR - Specializing in Over 55 Communities in Roseville CA Area

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Unemployment Statistics for Roseville and Beyond : Three Things to Understand

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Unemployment Statistics Coming

Unemployment stats info for Roseville Sacramento and beyond

Tomorrow morning the Bureau of Labor Statistics will release the latest Employment Situation Summary, which will include the most current unemployment rate. It will be a horrific number. Many analysts believe unemployment could be greater than 20%. These numbers represent families across the nation, including here in Roseville and the Greater Sacramento Valley area, that are not sure when (or if) they will return to work. The emotional impact on these households is devastating.

Rays of Light on the Unemployment Situation

There are, however, some small rays of light shining through on this issue. Here are three:

1. The actual number of unemployed is less than many are reporting

The number of people unemployed is sometimes over-exaggerated. It seems that every newscaster talks about the 40+ million people “currently” unemployed. It is true that, over the last ten weeks, over 40.7 million people have applied for unemployment, including here in Roseville and the Greater Sacramento Valley area. It is also true, however, that many of those people have already returned to work or gotten a new job. The actual number of people currently unemployed is 21.1 million. This is still a horrible number, but about half of what is often being reported.Looking at Unemployment numbers that can also impact us in Roseville and Greater Sacramento Valley area

2. Of those still unemployed, most are temporary layoffs

Last month’s unemployment report showed that 90% of those unemployed believe their status is temporary. Friday’s report will probably show a decline in that percentage as the original number was somewhat optimistic. However, a recent survey by the Federal Reserve Bank showed that employers believe over 75% of job losses are temporary layoffs and furloughs. This means 3 out of 4 people should be returning to work as the economy continues to recover.

3. Those on unemployment are receiving assistance

According to a recent study from the Becker Friedman Institute for Economics at the University of Chicago, 68% of those who are eligible for unemployment insurance receive benefits that exceed lost earnings, with 20% receiving benefits at least twice as large as their lost earnings.

Bottom Line for Roseville, Sacramento, and Beyond 

Tomorrow’s report will be difficult to digest. However, as the nation continues to reopen, hopefully many of those families, including here in Roseville and the Greater Sacramento Valley area, who are impacted will be able to return to work.

Contents of this article...

  • Unemployment Statistics Coming
  • Rays of Light on the Unemployment Situation
    • 1. The actual number of unemployed is less than many are reporting
    • 2. Of those still unemployed, most are temporary layoffs
    • 3. Those on unemployment are receiving assistance
  • Bottom Line for Roseville, Sacramento, and Beyond 

Posted in: Real Estate Info Tagged: real estate, Real Estate Market, real estate news, real estate update

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Resources for Boomers and Seniors

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Kaye Swain Roseville Real Estate Agent, 916-768-0127, KayeSwainRE@gmail.com, CalBRE#01966207, with Keller Williams Realty, 548 Gibson Drive, Suite 200, Roseville CA 95678, (Each office is independently owned and operated)

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