Job openings available, but Workers unwilling to work!
In February of 2020 US unemployment was 3.5%, this represented 50 year low and employers could foresee a possible labor shortage on the horizon. Then the pandemic hit in February of 2020 and unemployment rose to 15% in March as we shut down many sectors of our economy. With so many Americans suffering, Congress stepped in and passed an array of assistance for struggling US workers. Congress has stimulated the economy allowing us to create a vaccine, get the cases of COVID 19 down to a manageable number, and open up the economy. Now let’s fast forward to the summer of 2021. The US in June 2021 had 10 million job openings and 9.5 million unemployed workers; why aren’t Americans going back to work? Have COVID 19 and the Delta variant created so much anxiety that we just don’t want to work in fear of getting sick? Has childcare become unavailable for many young families? Are we opting to collect unemployment for an extended period of time? This would eventually create havoc within the US economy, cause turmoil with our strong stock market, and allow inflation to become a problem. Did Congress go too far with unemployment benefits creating an incentive for workers to stay home? Are workers looking for options that allow more flexibility and better conditions? Please look at the articles included in our August newsletter and draw your own conclusions. Let’s move forward together and create a bright future for Americans.
Written by: Todd Rohrer, CKP®
These are the opinions of Todd Rohrer and not necessarily those of Cambridge, are for information purposes only, and should not be construed or acted upon as individualized investment advice. Investing involves risk. Depending on the types of investments, there may be varying degrees of risk. Investors should be prepared to bear loss, including total loss of principal. The strategies discussed herein are not designed based on the individual needs of any one specific client or investor. In other words, it is not a customized strategy designed on the specific financial circumstances of the client. However, prior to opening an account, Cambridge will consult with you to determine if your financial objectives are appropriate for investing in the model. You are also provided the opportunity to place reasonable restrictions on the securities held in your account.
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