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Unemployment: It Will Be Deep, But Short.



Over 20 million people in the U.S. became instantly unemployed when it was determined that the only way to defeat this horrific virus was to shut down businesses across the nation. One minute a person was gainfully employed, and the next, the room went dark on their livelihood. The two major crises in this country right now: a health crisis that has forced everyone into their homes and a financial crisis caused by our inability to move around as we normally would. The financial pain so many families are facing right now is deep. How deep will the pain cut? Major institutions are forecasting unemployment rates last seen during the Great Depression. Here are a few projections:

  • Goldman Sachs - 15%

  • Merrill Lynch - 10.6%

  • Wells Fargo - 7.3%

How long will the pain last? As horrific as those numbers are, there is some good news. The pain will be deep, but it won’t last as long as it did after previous crises. Taking the direst projection from Goldman Sachs, we can see that 15% unemployment quickly drops to 6-8% as we head into next year, continues to drop, and then returns to about 4% in 2023. When we compare that to the length of time it took to get back to work during both the Great Recession (9 years long) and the Great Depression (12 years long), we can see how the current timetable is much more favorable.


The Mullin Message It’s devastating to think about how the financial heartache families are going through right now is adding to the uncertainty surrounding their health as well. Hopefully, we will soon have the virus contained and then we will, slowly and safely, return to work.

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The Mullin Group
Berkshire Hathaway HomeServices Nevada Properties  
Phone: (702) 907-7653

Address: 
3185 St Rose Parkway #100
Henderson, NV 89052

License BS 0143340

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