The U.S. Bureau of Labor Statistics put out their economic news release last Friday stating that total non-farm payroll employment rose by 2.5 million in May and the unemployment rate declined to 13.3 percent. These numbers reflect on the limited resumption of economic activity as each state institutes phased reopening across the U.S.
Who is going back to work?
Cooks, bartenders, waiters, and dishwashers. Food service and drinking places employment rose by 1.4 million. Construction, health care and retail also posted big gains. Leisure and hospitality also represented a large amount of returning jobs. Other areas that gained back workers include construction, education, manufacturing, and professional services. Again, this tracks with the phased reopening of the states across the U.S.
- The TD Saturday Market has reopened for its 18th season. There will be 81 vendors with 42 selling each week. No special entertainment, music, or events. Most of the vendors will be familiar.
- Vendor booths will be spaced 10 feet apart
- Shoppers must enter and exit on McBee Avenue and only a certain number of people will be allowed in at a time
- Public hand-washing stations will be spaced throughout
- There will be no sampling or prepared food for onsite consumption
- Market staff and vendors will wear face masks
- Face masks are encouraged but not required of shoppers
- Shoppers are encouraged to pay with a credit card or exact change to limit contact
- Shoppers are also encouraged to limit handling of goods
- Social distancing is also strongly urged
The Saturday market will be open 8 am to noon through October 31st. Free parking is available from 8 a.m. to 12:30 p.m. in the lot next to Grill Marks, courtesy of Soby’s. Help the local economy recover by getting out and supporting these vendors.
Real Estate News
Leading economists are certain that real estate will lead the way out of the economic downturn. Mortgage demand from home buyers is unexpectedly strong. A recent study by the National Association of Realtors (NAR) states that the average new home sale has a local impact of around $88,416. The graphic below shows how the income generated is spread to other industries.
According to experts, the second half of this year will begin our economic recovery in a large way. Five major financial institutions (Goldman Sachs, JP Morgan, Morgan-Stanley, Wells Fargo, and Bank of America) are also forecasting positive GDP in the second half of the year. I expect that once the tourist and hospitality sector of Greenville SC is allowed to return to full staff that we will see a large drop in unemployment and a surge in home buying as people return to their more normal income streams.
Victoria Cottle is a Realtor® in the Greenville South Carolina area and if you, a friend, or a family member need assistance with selling or buying a home I can help. Referrals and people needing relocation assistance are welcome! Search Single Family homes in Greenville. Search Condos and Townhomes in Greenville.
Please contact Victoria Cottle by email firstname.lastname@example.org or call (864) 275-3953 for your real estate needs in the Upstate of South Carolina!