Today’s jobs report from the Bureau of Labor Statistics is a very hopeful sign for radio. Wall Street analysts had expected a decline of 8.3 million jobs and anticipated an unemployment level 19.5% for the month of May. Instead, nonfarm payrolls actually rose by 2.5 million and the unemployment rate fell to 13.3%. Much of this surprising and positive news came as the result of job gains from those classified as temporary layoffs due to the coronavirus-related economic shutdown. Certain key categories for radio, such as Leisure and Hospitality, accounted for almost half the jobs gained in May. That bodes well for a faster revenue recovery for radio and, perhaps even more importantly, confirms that the recent nascent upward trajectory in out-of-home listening may be more than a wobble.
The virus and resulting related health policy for its containment will play a critical role in the potential for this optimistic trend to continue, and consumers will need consistent and truthful reassurance that leaving home will be less risky to their health. We know how important having accurate and timely data is to your decision making process when it comes to pandemic-related content. Plus, your friends in the sales department not only need intel that helps advertisers effectively communicate the steps they have taken to keep customers safe, but also data about which ad categories command higher levels of consumer confidence, thus helping them focus efforts to maximizing billing upside.
So, we continue to track and trend post-shutdown COVID-19 consumer sentiment on nationwide & regional levels and share this information as a service to our valued industry partners on an ongoing basis. Bookmark this link: https://nuvoodoo.com/covid-19-media-data/ and check for back updates frequently. Need a more specific local market advertising assessment or a cost-effective plan for capitalizing on rising out-of-home listening levels from a ratings standpoint? Our research and marketing teams welcome the chance to be of assistance. Get in touch with us via email at TellMeMore@NuVoodoo.com. Stay safe and have a wonderful late-Spring weekend.