The light at the end of the tunnel is not an oncoming train
July 17, 2021
This past year we have lost over 600,000 Americans to COVID-19. In the same time period, according to the Wall Street Journal, we have lost an additional 200,000 small businesses.
Prior to the Pandemic our country enjoyed a 50-year unemployment low of just 3.5 percent. But at the end of COVID we were looking at over 14.7 percent unemployment or over 20 million jobs lost. Americans, though, are resilient and to date over 48 percent of the population is fully vaccinated, we are coming back!
Anybody who has done any traveling recently knows Americans are back. While much of the world is still on lockdown Americans are filling up airports, hotels and venues that just a few months ago were teetering on the verge of bankruptcy.
One just has to look at the new employment figures to see the economy roaring back. Employment rose by 850,000 in June after rising by 583,000 in May and 269,000 in April. Businesses from North Carolina to Florida to California are looking for employees. Jobs are here for the taking as our economy starts to move forward again.
Even the stock market is showing its optimistic side. The Dow Jones during the height of the Pandemic in April of 2020 hit a low of 21,636. Today it hit a high of over 34,870. Nobody knows the future of the economy but for now prognosticators are looking at this trend to continue till at least the end of the year.
Call it American optimism or American exceptionalism, but we've been biting at the bit to grow and get back to our way of life. Nobody knows what the new normal will be, different economists are making totally different predictions as to what it might be, but one thing is for sure, we as Americans will adjust and make the best of whatever situation we've been given.
Marty Pay has been the local Farmers Agent for over 30 years. He and his incredible staff are at 212 West F Street in Tehachapi across the parking lot from Bank of the Sierra, their phone number is (661) 822-3737.