The September Jobs Report issued by the Bureau of Labor
Statistics reported that the unemployment rate dropped to 7.9%. Though that
percentage is well below what experts projected earlier this year, it still
means millions of people are without work. There’s no way to minimize the
tremendous impact this pandemic-induced recession continues to have on many
However, the latest Home Purchase Sentiment Index from
Fannie Mae shows how more and more Americans believe the worst is behind us,
and their personal employment situation is good. The index revealed:
“The percentage of respondents who say they are not
concerned about losing their job in the next 12 months increased from 78% to
83%, while the percentage who say they are concerned decreased from 22% to 16%.
As a result, the net share of Americans who say they are not concerned about
losing their job increased 11 percentage points.”
Americans Are Game-Changers Too
Americans are naturally optimistic and have always responded
to challenges with both resiliency and resourcefulness. Today is no different.
As an example, the Wall Street Journal (WSJ) just reported:
“Americans are starting new businesses at the fastest
rate in more than a decade, according to government data, seizing on pent-up
demand and new opportunities after the pandemic shut down and reshaped the
Why would someone start a business in the middle of an
economic crisis? The WSJ explains:
“The jump may be one sign that the pandemic is speeding
up ‘creative destruction,’ the concept…to describe how new, innovative
businesses often displace older, less-efficient ones, buoying long-term
The WSJ also notes that these new businesses will have a
positive impact on the overall employment situation, as new businesses “are a
critical engine of job creation. Startups have historically accounted for
around one-fifth of job creation.”
For the millions of Americans still unemployed, we hope for
a quick return to the workforce. We should, however, realize that over 90% of
people are still employed, and some are venturing into new business start-ups.
Perhaps the next big game-changing company is right around the corner.