The Shocking News in the Unemployment Report

The Shocking News in the Unemployment Report | Simplifying The Market

The Shocking News in the Unemployment Report

Last Friday, the U.S. Bureau of Labor Statistics released their May Employment Situation SummaryLeading up to the release, most experts predicted the unemployment rate would jump up to approximately 20% from the 14.7% rate announced last month.

The experts were shocked.

The Wall Street Journal put it this way:

“The May U.S. jobless rate fell to 13.3% and employers added 2.5 million jobs, blowing Wall Street expectations out of the water: Economists had forecast a loss of 8.3 million jobs and a 19.5% unemployment rate.”

In addition, CNBC revealed:

“The May gain was by far the biggest one-month jobs surge in U.S. history since at least 1939.”

Here are some of the job gains by sector:

  • Food Service and Bartenders – 1,400,000
  • Construction – 464,000
  • Education and Health Services – 424,000
  • Retail – 368,000
  • Other Services – 272,000
  • Manufacturing – 225,000
  • Professional Services – 127,000

There’s still a long way to go before the economy fully recovers, as 21 million Americans remain unemployed. That number is down, however, from 23 million just last month. And, of the 21 million in the current report, 73% feel their layoff is temporary. This aligns with a recent Federal Reserve Bank report that showed employers felt 75% of the job losses are temporary layoffs and furloughs.

The Employment Situation Summary was definitely a pleasant surprise, and evidence that the country’s economic turnaround is underway. The data also offers a labor-market snapshot from mid-May, when the government conducted its monthly survey of households and businesses. Many states did not open for business until the second half of May. This bodes well for next month’s jobs report.

Bottom Line

We cannot rejoice over a report that reveals millions of American families are still without work. We can, however, feel relieved that we are headed in the right direction, and much more quickly than most anticipated.

Note: In its original report, the BLS explained that a misclassification error could have occurred over the last 3 months, starting in March of 2020. Readjusting for this error, the unemployment rate would actually show a drop from 19.7% in April to 16.3% in May. Nobody would say the original report of 13.3% unemployment was a good number, nor is the revised 16.3%. What is a positive move for our country and the economy is the significant drop in the rate from April to May, meaning more people are getting jobs than losing them. That’s the key takeaway.


Posted on June 8, 2020 at 5:22 pm
Michael Fanning | Posted in Mindset |

Be the most knowledgeable Real Estate Broker.

I watched a great webinar with Steve Harney and Tom Ferry. Here are my take aways.


Posted on October 10, 2019 at 6:45 pm
Michael Fanning | Posted in Mindset |

Young First-Time Buyers Are Saving for Their Dream Homes

Young First-Time Buyers Are Saving for Their Dream Homes

Young First-Time Buyers Are Saving for Their Dream Homes | MyKCM

Young buyers (Millennials & Gen Z) have waited longer than previous generations to enter the housing market for their first home. However, this hasn’t stopped them from dreaming about the home they will eventually buy. Many spend hours searching listings and building Pinterest boards of their favorite home features.

According to a survey from Open Listings, 70% of single renters are more likely to spend their Sunday nights swiping through house listings than dating profiles.

All that time window shopping has led 45% of millennials to expect the first home they buy to be their “dream home”! They are willing to wait longer, save more for a larger down payment, and are pickier about the listings they want to tour and the features that they want to see in their first home.

Waiting a little longer to buy a home than their parents or grandparents did has also helped young buyers become more established in their careers prior to making such a large purchase. Lawrence Yun, NAR’s Chief Economist, recently commented,

“Older millennials are now entering the prime earning stages of their careers, and the size and costs of homes they purchase reflect this. Their choices are falling more in line with their Gen X and boomer counterparts.”

In some areas of the country, high competition in the starter home market forces young buyers to wait longer. The extra money they save during that time opens their search to bigger, more expensive homes.

If this trend continues, older millennials will skip the starter home altogether, going straight to a trade-up or premium home instead.

Bottom Line

If you are one of the many young renters planning on buying your first home soon, let’s get together to help determine what type of home will best suit your present and future needs.


Posted on June 20, 2019 at 6:38 pm
Michael Fanning | Posted in Mindset |

Michael’s Holiday Book list.

Just wanted to give you all some of the books I have read this year that I found to be packed with some great ideas on making life and business a huge success. Each book is linked to Amazon.

This Book Positivity really lets you understand the power of your thoughts and how your thoughts vibrate out into others.

This book helps you identify if your environment that you create is built for success or failure.

Steve Sims talks about going after what you truly want in life. Not settling for what others may think you want.

    

These two books work great. The Five Minute Journal is a book you should start and end every day with. The Productivity Planner allows you to do and focus on the goals for each Day, Week, and Year.

Last but not least. One of the best books on Negotiation I have read. This book help me to build a better relationship with my 15 year old son.


Posted on December 21, 2018 at 7:17 pm
Michael Fanning | Posted in Mindset |

Words really do matter.

Can we start to use some different words in our industry that can make us sound a bit more professional?

 

 


Posted on July 26, 2018 at 6:30 pm
Michael Fanning | Posted in Mindset |

Power in Words.

Words we need to stop using in Real Estate.

If we want to show up like a Real Estate Trusted Advisor then we need to stop using certain words.

  1. We do not have DEALS!  In this industry, I hear this word all the time. This is one of the biggest transactions in a person’s life so let’s call it what it is. We have Transactions.
  2. The last time I checked any services or resources I provide for my clients has a fee attached to it. When I pay this fee on your behalf it isn’t automatically free to my client. It still costs money; therefore it becomes complimentary for my clients.
  3. When I visit my financial planner, she refers to me as a client not a customer. When I am representing you in a Real Estate transaction you are my Client.
  4. When I provide specific services to you in the capacity of a Real Estate Trusted Advisor there is a specific Fee that I charge. This is not a commission it is a Fee.

Posted on October 26, 2017 at 5:14 pm
Michael Fanning | Posted in Mindset |

My success is up to me.

 

I think this video is powerful in explaining that we are the only reason why we succeed or fail. I have taught over 3500 Real Estate agents about building daily and weekly habits that will allow them to succeed. What is interesting is you don’t often hear is “I didn’t work”, what you hear is ” The program wasn’t right for me.” I is interesting that when I see someone succeed it is because they decided to work and commit to actions that would give them a positive outcome over time. When we fail, it’s isn’t because of the program it is because we decided to not commit.


Posted on March 16, 2017 at 10:29 pm
Michael Fanning | Posted in Education, Mindset |

People size you up in seconds, but what exactly are they evaluating?

2016-02-17_15-33-38

 

Harvard social psychologist Amy Cuddy In her new book, "Presence,"  

says people quickly answer two questions when they first meet you:

  • Can I trust this person?
  • Can I respect this person?

 

She goes on to say that Trust is by far the most inportant. So many times in business today we put the trust second and try to impress and gain respect. She says we have it all wrong. Click here to read her full article. 

More links with great articles from Amy Cuddy. 


Posted on February 17, 2016 at 11:35 pm
Michael Fanning | Posted in Uncategorized |

Looking forward to this Event. 

Inman Connect New York 2016

 

Thursday, January 28 • 4:00pm – 4:30pm

Failing Forward – Lessons Learned from Missed Opportunities

 

 

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Michael Fanning

Senior Vice President, Client Services, Windermere Real Estate

Michael Fanning is responsible for assisting with the growth of the Windermere brand. His responsibilities include expanding the network of Windermere offices and consulting with owners to develop recruitment and longevity programs while incorporating a strong understanding of the technical side of the tools Windermere provides. Fanning has been instrumental in the growth and development of many of the technology tools offered to Windermere… Read More →

 

 

avatar for Patrick Lilly

Patrick Lilly

Broker, CORE

Patrick Lilly holds a coveted position in the world of New York real estate as not only a top-tier producer, but a sought-after expert who has been spotlighted in books, the media and seminars. A mainstay in the industry for over 25 years, Lilly has excelled to great heights in his field thanks to his exceptional market knowledge, proven flair for successful deals and strong relationships with clients and peers alike. | | Strong sales success… Read More →

 

 

 

avatar for Joe Schutt

Joe Schutt

Broker and Co-Owner, Unit Realty Group

Joe Schutt, REALTOR® began his career in real estate in 2003 as a sales agent before going on to found Unit Realty Group (unitboston.com), a Boston-based boutique brokerage in 2012 where he serves as broker owner. Professionally Joe has been recognized for industry excellence and currently serves on the board of directors for the Massachusetts Association of Realtors (MAR), Greater Boston Association of Realtors (GBAR), and… Read More →


Posted on January 22, 2016 at 6:27 pm
Michael Fanning | Posted in Uncategorized |

Why should you take education classes outside your area?

Why take Classes outside your market area? from Windermere Real Estate on Vimeo.


Posted on January 22, 2016 at 6:22 pm
Michael Fanning | Posted in Uncategorized |