The Paul Dietzel Report21 Elo 2020

More job losses…more market gains…and Hurricane Katrina 15 years later.

First time jobless claims rose above 1 million again this week giving rise to the perception by many economists that a drop off in employment may be just around the corner. As federal stimulus funds run out, the economy teeters on the verge of collapse given the potential volatility of today’s market.

This week I looked closely at the jobs that were being added back to the economy, and I fear that some of the losses in certain sectors could be permanent. By looking at the Bureau of Labor Statistics data between July 2019 and July 2020, I discovered more than 4 million jobs were lost in leisure and hospitality – a 24 percent from a year ago. Other big losses were in professional and business services as well as health and education services. It seems unlikely the all these jobs will be restored or replaced.

The COVID pandemic is changing America in ways few of us can really comprehend. The recovery is no longer about how we get back to normal, it is about building and adjusting for the future for our country.

Fifteen years ago this week, Hurricane Katrina began to form in the Gulf of Mexico and made a direct hit on my home state of Louisiana.

More than 1800 people died in this deadly storm, and since that time, Louisiana has changed dramatically. New pumping stations were installed to help the city rid itself of millions of gallons of water in a matter of moments. Levies have been rebuilt and better fortified for the future.

As I remembered this tragedy this week, I could not help but realize that the very same passion and grit that helped the people of Louisiana overcome the aftermath of Hurricane Katrina are the very same principles of help and community that can help us navigate the challenges of today.

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