Today, the stock market dropped. Tomorrow, who knows. Certainly, a lot of unemployed people looked at today’s news and panicked.
The intent of this post is to encourage those living in fear to pump the breaks. Here is why.
As of the date of this post, the unemployment rate in Minnesota is 3.3%. This is far better than any recent period, including the period of time between November 2000 and July 2007.
Nonetheless, some people are reading way to many news articles that this is the end.
Do not let today’s news prevent you from putting in the work for a new job.
Consider this statement from our Bureau of Labor and Statistics:
One of the most widely recognized indicators of a recession is higher unemployment rates. In December 2007, the national unemployment rate was 5.0 percent, and it had been at or below that rate for the previous 30 months. At the end of the recession, in June 2009, it was 9.5 percent. In the months after the recession, the unemployment rate peaked at 10.0 percent (in October 2009). Before this, the most recent months with unemployment rates over 10.0 percent were September 1982 through June 1983, during which time the unemployment rate peaked at 10.8 percent.“
I bring this to your attention because we need a moral boost. Today is not the end.
For those who entered the workforce in the 1970s or 1980s, employees and workers are in a far better position today than the last 30 to 40 years.