How fast is the economic recovery?

How fast is the economic recovery?

Facebook
Twitter
LinkedIn

[ad_1]

In the past year, the economy has been on a long and difficult path to a “normal state” after the pandemic. it’s not finished yet.

This page (which we plan to update every month) will tell us how far we need to go before the economy returns to the pandemic and kills most of the American population.

Of course, we have made significant progress: Highest level of unemployment Since the Great Depression in April, the country’s unemployment rate has been steadily declining.

But as of this month, the unemployment rate is still 2.6 Percentage points, one percentage point higher than before the pandemic.

From January 2020, the seasonally adjusted unemployment rate has changed

Unemployment rate April used to be 6.1 According to the latest employment report, up From 6 in% March.

Crucially, the recovery does not affect all workers equally. Just like the black and Hispanic communities are struggling Since the beginning of the COVID-19 pandemic, the rate of infection and death has been high, The colored community continues to Bear the brunt High unemployment And economic insecurity, Even if the total has declined.

Persistent gap

Changes in the unemployment rate seasonally adjusted by race since January 2020

The employment gap between blacks and whites remains stubborn. Before the pandemic, Things are not so good either.Black unemployed Often wandering On the level Much higher than white Americans. The pandemic has exacerbated this stubborn inequality, and we are now in the midst of a severe economic crisis of inequality. Low-wage workers (most likely black and Hispanic workers) are hit hardest by the pandemic because they usually work in sectors such as retail and hospitality, which cannot be done at home.These workplaces pose a major public health risk in the pandemic, and Completely or partially closed With the ebb and flow of infection.

As a result, compared with the leisure and hospitality industries, we are closer to economic normality in areas such as construction, professional and business services.

Zero distance is a long way

Since January 2020, six major private sectors have increased or decreased seasonally adjusted non-agricultural employment opportunities

Some departments have been able to adjust (more or less) In order to adapt to the reality of the pandemic, but other activities, such as leisure, hospitality, education and health services, put their workers in a painful win-win situation. They face precarious jobs, have temporary vacations or permanent layoffs at any time, and the prospect of going to work every day is enviable, and the risk of infection is high.

Keep these differences in mind, because even if employment seems to be close to pre-pandemic normal, many people are not part of the economic rebound, and a large percentage of these workers are still people of color. young with Low wages.

Check back next month for the latest information on how close or how far we are from the unemployment levels we saw before the pandemic.

[ad_2]

Source link

More to explorer

Understanding Key Factors in Accidents

[ad_1] Pedestrian Safety Statistics Pedestrian safety is an urgent concern worldwide, with over 1.3 million people dying in traffic accidents annually. Pedestrians