Record Unemployment in The U.S. Economy Since Feburary

Since the time when the first cases of COVID-19 were detected in America, the economy has lost a large number of jobs. As the lockdown was imposed and the markets were closed down, the companies let many of their employees go to compensate for the losses. As a result, the economy plummeted as well. The number of jobs lost since February is almost 10 million now. Still, The unemployment rate is now at 6.7 percent in the month of November, and the country added 245000 jobs. Citing the November reports from the U.S Bureau of Statistics, it was seen that more jobs were created in the business, transportation, and healthcare fields.

The U.S. is facing the worst phase of the pandemic right now as the cases have gone up dramatically. As the winter hit, the number of infected people has increased ten folds. The positivity rate in the states has increased, and they are imposing stricter isolation rules to control the infection in these troubling times. On top of that, this is happening during the holiday season when the retailers are hoping to make the maximum sales. While the added jobs are good, this is not enough to get the economy in a better position by the end of the year.

The situation in the country is unprecedented. The pandemic has created a huge hole in the economy as people are figuring out ways to drive the economy while staying safe. However, the events that unfolded during the last few months and the events that spread the virus right before the winter have led to another spike in the jobs lost. Even if the government is trying to add jobs, companies are letting the employees go at the same time.

The election result also makes the market uncertain as the government is soon to change. Government recruitment also saw a loss in the last two months. While the states are independent of the transition, the fields that depend on the government decisions are still leading to a different situation this year. Even the new government cannot promise fast job opportunities as their first concern will be to get the pandemic under control.

The vaccine is almost ready. Some of the countries are already starting the trails, and it will make its way to the U.S as well. It is not clear if the current administration is prepared to administer the vaccine on time. The country may have to wait for the next term president to impose the vaccine rules all over the country. This will lead to a smoother transition to opening up the economy again. As the business gets less pressured from the restrictions of the pandemic, it will create a lot more job opportunities for the country. Till then, it has to face the worst phase of the pandemic seen anywhere in the world.

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