In “Dramatic Moments in History: Another Period of Disruption,” Kurt Read, Chair of Board of Directors, NIC; and Principal, RSF Partners; provided attendees of the 2020 NIC Fall Conference with a review of the seniors housing and care industry’s performance characteristics since NIC was founded in 1991. This is the second of a series of three NIC Notes posts that provide the key takeaways from that session which reviewed the past 30 years of investment in seniors housing and care.
While much of the programming for the recent 2020 NIC Fall Conference focused on the pressing issues of today, particularly during a time of COVID-19, economic and political uncertainty, and disruption, one session stepped back, and looked at what is happening today through a lens that stretches back to 1991. This is the first of a series of three NIC Notes posts that share the key takeaways from that session which reviewed the past 30 years of investment in seniors housing and care.
The Labor Department reported that nonfarm payrolls rose by 638,000 in October and that the unemployment rate fell to 6.9% from 7.9% in September. This suggests that the employment recovery from the COVID-related drop in March and April continues. Moreover, the increase is stronger than it seems on the surface because it includes a 147,000 decline in temporary Census workers. The consensus estimates for October had been for a gain of 580,000. Roughly 12.1 million jobs have been recovered during the May to October period. This is a little more than half the 22.2 million jobs lost since the pandemic began. The pace of improvement is slowing, however. In July, the economy added almost 1.8 million jobs and another 1.5 million in August. Gains slowed to 672,000 in September and 638,000 in October
“Wave 14 of NIC’s Executive Survey Insights data provides insights into some of the bottom-line pressures being felt by a number of operators. C-suite respondents to the survey cited growing use of rent concessions to support sales efforts as well as increasing wage pressures associated with a growing reliance on both overtime pay and agency/temp staff that is being hired to help mitigate labor shortages.”