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What Experts Are Saying about the 2021 Job Market

Earlier this month, the Bureau of Labor Statistics (BLS) released their most recent Jobs Report. The report revealed that the economy lost 140,000 jobs in December. That’s a devastating number and dramatically impacts those households that lost a source of income. However, we need to give it some context. Greg Ip, Chief Economics Commentator at the Wall Street Journal (WSJ), explains:

“The economy is probably not slipping back into recession. The drop was induced by new restrictions on activity as the pandemic raged out of control. Leisure and hospitality, which includes restaurants, hotels, and amusement parks, tumbled 498,000.”

In the same report, Michael Pearce, Senior U.S. Economist of Capital Economics, agreed:

“The 140,000 drop in non-farm payrolls was entirely due to a massive plunge in leisure and hospitality employment, as bars and restaurants across the country have been forced to close in response to the surge in coronavirus infections. With employment in most other sectors rising strongly, the economy appears to be carrying more momentum into 2021 than we had thought.”

Once the vaccine is distributed throughout the country and the pandemic is successfully under control, the vast majority of those 480,000 jobs will come back.

Here are two additional comments from other experts, also reported by the WSJ that day:

Nick Bunker, Head of Research in North America for Indeed:

“These numbers are distressing, but they are reflective of the time when coronavirus vaccines were not rolled out and federal fiscal policy was still deadlocked. Hopefully, the recent legislation can help build a bridge to a time when vaccines are fully rolled out and the labor market can sustainably heal.”

Michael Feroli, Chief U.S. Economist for JPMorgan Chase:

“The good news in today’s report is that outside the hopefully temporary hit to the food service industry, the rest of the labor market appears to be holding in despite the latest public health challenges.”

What impact will this have on the real estate market in 2021?

Some are concerned that with millions of Americans unemployed, we may see distressed properties (foreclosures and short sales) dominate the housing market once again. Rick Sharga, Executive Vice President at RealtyTrac, along with most other experts, doesn’t believe that will be the case:

“There are reasons to be cautiously optimistic despite massive unemployment levels and uncertainty about government policies under the new Administration. But while anything is possible, it’s highly unlikely that we’ll see another foreclosure tsunami or housing market crash.”

Bottom Line

For the households that lost a wage earner, these are extremely difficult times. Hopefully, the new stimulus package will lessen some of their pain. The health crisis, however, should vastly improve by mid-year with expectations that the jobs market will also progress significantly.

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Back East Bar & Grill

Back East Bar & Grill

www.backeastbarandgrill.com

HOURS: Sunday – Tuesday 10:30AM – Midnight, Wednesday – Saturday 10:30AM – 1AM.

Back East Bar and Grill is locally owned and operated with a focus on fantastic staff and family friendly atmosphere. Here you will find great New York style pizza, delicious burgers, an awesome kids menu, and a full bar. Besides great food and drink here you will also find trivia night on Wednesdays, karaoke on Fridays, live music from local bands on every other Saturday, and happy hour Monday through Friday from 4-7pm with deals on select drafts, house wine, and well drinks.

Review: Hands down the best cob salad, wings (with blue cheese dressing) and pizza around the town of Monument.  The location off of Hwy. 105 is set back behind the Kum & Go so it can be hard to find. The restaurant can be very loud on busy nights so we usually try to sit outside and the mountain views are just beautiful.  This place can be pretty busy on the weekends with locals and families after sporting events. 3-Rocks

Shari M.

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THE BISTRO ON 2ND

THE BISTRO ON 2ND

https://www.thebistro2nd.com/

The Bistro on 2nd is the true definition of an American Bistro. The contemporary cuisine is sophisticated home cooking that stops short of fancy. The relaxed ambiance is a balance between formality and intimacy. Discover “The Bistro” today.

Review: Bistro on 2nd:  Set in the heart of the historic town of Monument, this little gem of a restaurant offers an upscale dining experience at a reasonable price.  The service is excellent, only to be outdone by the delicious menu items. My experience was during dinner hours, but I have heard excellent feedback from the lunch crowd as well.  3 Rocks.

Joan C.

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LA CASA FIESTA MEXICAN RESTAURANT

LA CASA FIESTA MEXICAN RESTAURANT

http://lacasafiesta.net/

Celebrating twenty years in Monument, and thirty-three years in El Paso County. Featuring southern New Mexico style Mexican food in a colorful, friendly family atmosphere. Awesome margaritas, Mexican beer and a full bar. Open every day at 11 am for lunch and dinner. Orders to go.

La Casa

 

Review: My husband and I had the privilege of dining at La Casa Fiesta on a chilly Friday evening. We were sat in the extended space that had this gorgeous fireplace that added all the ambiance we needed. It was also nice that he didn’t have to miss the game! The food was delicious and the service was personal and attentive. Thanks for an awesome time! We now have our go-to Mexican restaurant on the North end.  

Christine M.