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Unemployment in the US due to COVID-19:

US-HEALTH-VIRUS-ECONOMY-EMPLOYMENT-INDICATOR
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Unemployment in the US due to COVID-19:

Coronavirus or Covid-19 forced everyone in the world to stay in quarantine and it has been the fourth month after the march while people across the world are in lockdown. Lockdown proved to be beneficial for saving people’s lives, but it is costing more in terms of economic turmoil. Hundreds of companies and bigger franchise businesses are closing and filing for bankruptcy. Due to closed businesses and enforced lockdowns across the world economies are collapsing.

Here in the United States situation is no different. Many companies had filed for bankruptcy and firing all their workforce. Businesses are saying that they cannot pay their workforce when they are at homes and cannot come to work because companies are suffering from financial losses. It is hard for them to pay the employees and keep the businesses alive.

This has caused a spike in the unemployment charts in the United States. In Feb 2020 around 6.2 Million people in the US were unemployed and now in June its crossed 14 million. This is even worse than the great recessions and even the world war 2 era. Below are the few before after the Covid-19 stats about unemployment in the US.
The overall unemployment rate in May was 16% and experts are predicting that it will grow in June and July to 18%.

Increase in Unemployment rate for Men:
The unemployment rate for men increased to 11.99% in May and it is being predicted to cross 13% in July. Due to the increase in Covid-19 cases, the US government closed all the businesses that impacted the businesses harshly forcing them to fire their workers to save the business.

Increase in Unemployment rate for women:
The increase in the unemployment rate for women was more than men. It almost reached 16 % at the end of May and is expected to even rise to the mark of 18%. Women saw more increase in unemployment because a huge number of women have associated with businesses such as the leisure and hospitality sector and the educational services sector. These sectors are the worst hit by lockdowns and are completely shut down. If the pandemic is not controlled this may even escalate the situation.
Increase in Unemployment rate for migrant workers:

Migrant workers saw the worst year in 2020. The unemployment rate jumped from 3% to 12 for US-born workers and from 5% to 15% for foreign-born workers. The fast-increasing rate was seen in just the last three months. Most of the Migrant workers lost their job after the start of the march.
Increase in Unemployment according to education:

Here is the twist in the story, it is witnessed that people with higher education saw only a small increase in unemployment. People who have education below the high school degree saw an increase in unemployment from 5% to 18%. And people with a bachelor’s degree saw an increase of 6% percent in unemployment.

No one knows when the pandemic will end, but it is clear we will have to suffer the aftershocks of this pandemic even when it is gone.

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