SARASOTA, Fla. (WWSB) - The U.S. continues to have some of the highest unemployment rates that they’ve seen in the last 100 years.
Despite many businesses reopening, USF Sarasota-Manatee’s Economics Professor, Michael Snipes, said there is not much progress being made to the economy. Snipes predicts that the U.S. won’t see any real improvement until there is a vaccine and people can safely go back to work.
Many people are still waiting to receive their stimulus check from the government. Those checks are meant to give people money to spend, which in turn will boost the economy. But, Snipes said some reports show many people are saving that money because of the uncertainty of the future, which doesn’t help the economy.
In Florida the biggest part of the labor market is the service industry, which is one of the hardest hit industries from this pandemic. But, Snipes said the Suncoast could see a quicker recovery because of the type of individual the area attracts.
“It’s really a different type of individual by in large that comes here to the Suncoast and they’re the ones that are going to be largely shielded from a lot of the effects of a down turn in the economy. They’re more likely to come in here. And so I would say especially around here a recovery here would be a little bit quicker relative to the rest of the country,” Snipes said.
He went on to say places like Disney World and Universal Studios may have a longer recovery because they attract families, which are more likely to be impacted by the recession.