Empty nests fill as Covid-19 forces young to return home – The Citizen

It may not be as drastic as a new world economic order, but people in their 30s returning to the proverbial nest can never be a good sign for the economy. In September, the Pew Research Center released a report that found that the coronavirus outbreak had pushed millions of Americans, especially young adults, to move in with family members. “The proportion of 18-29 year olds living with their parents has become a majority since coronavirus cases began to spread earlier this year, surpassing the previous peak during the Great Depression era,” it found. Pew. “In July, 52% of young adults resided …

It may not be as drastic as a new world economic order, but people in their 30s returning to the proverbial nest can never be a good sign for the economy.

In September, the Pew Research Center released a report that found that the coronavirus outbreak had pushed millions of Americans, especially young adults, to move in with family members.

“The proportion of 18-29 year olds living with their parents has become a majority since coronavirus cases began to spread earlier this year, surpassing the previous peak during the Great Depression era,” it found Pew.

“In July, 52% of young adults lived with one or both of their parents, up from 47% in February,” according to analysis of monthly data from the Census Bureau. “

Pew also reported that young men were more likely than women to live with their parents, and both groups saw increases in the number of residents with mom, dad or both parents since the start of the coronavirus outbreak.

With an economy paralyzed by the lockdown and possible errors in modeling the outcome of the impact of the virus, the local picture appears to be quite similar.

“We asked our Twitter followers, particularly those between the ages of 21 and 35, if they or someone they knew had been forced to move home,” said Gumtree Marketing Manager Estelle Nagel.

“The results were a resounding yes, with 64% of young South Africans in our target group of 2,400 saying they had been directly affected by the economic effects of Covid-19.

“This is also consistent with the increase in rental property listings on the Gumtree platform.”

Nagel said yesterday that the platform had 17,140 rental houses and apartments in Gauteng, 12,795 in the Western Cape and 7,657 in KwaZulu-Natal.

Similarly, the job market has remained stagnant with the Career Junction Index reporting a 1% increase in hiring activity between July and August.

“The activity of hiring professionals in the business and management sector, the manufacturing and assembly sector and the storage and logistics sector has recovered since May,” the report said.

“Despite a drop in hiring during August, the demand for labor is expected to grow. The health sector has experienced the highest demand for labor in the last six months due to the pandemic ”.

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