If the U.S. fails to reach “herd immunity,” what could that mean for unemployment?
“If the U.S. fails to reach ‘herd immunity,’ that wouldn’t be ideal, but it also wouldn’t prevent us from getting things back to normal. A significant portion of the population is getting vaccinated, which will still greatly reduce the transmission rate and threat of the disease. As a result, we should see a continued decline in unemployment,” said Jill Gonzalez, WalletHub analyst. “The U.S. has already made big strides toward a full reopening. The more people who choose to get vaccinated, the smoother that reopening will be and the greater companies’ hiring capabilities will be.”
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Among the states whose unemployment claims are recovering the quickest, Michigan ranked 48th for the biggest increase (last week vs. same week of 2020). (Image Credit (Gerd Altmann/Pixabay) )
The labor markets, which had 20 million jobs lost in April 2020, point to a challenging road to recovery according to Robert Wescott, Founder and President at Keybridge. However, when it comes to the labor market there is a long way to go before we reach pre-COVID numbers.
From June 2020 to September 2020, the difference between the number of job gains and the number of job losses yielded a net employment gain of 3.9 million jobs in the private sector. Over this period, job gains exceeded job losses in 49 states and the District of Columbia.
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Since the COVID-19 vaccine is now available to all Americans, we should expect to see a significant decline in unemployment in the near future. Photo by: Shutterstock New York is having a somewhat successful recovery from new unemployment claims, with last week’s claims lower than at the start of 2020, according to WalletHub’s updated rankings for the States Whose Unemployment Claims Are Recovering the Quickest. Weekly unemployment claims in New York increased by 241.79% compared to the same week in 2019. This was the 24th smallest increase in the U.S. Weekly unemployment claims in New York decreased by 8.18% compared to the start of 2020. This was the 6th biggest decrease in the U.S.
States That Had the Fastest Unemployment Claims Recovery patch.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from patch.com Daily Mail and Mail on Sunday newspapers.
The COVID-19 vaccine is now available to all Americans. How should we expect that to impact unemployment?
“Since the COVID-19 vaccine is now available to all Americans, we should expect to see a significant decline in unemployment in the near future. There are two major reasons that unemployment will decline. The first is that the country will soon be able to proceed to a full reopening, and the second is that there will be more consumer confidence, both of which will cause a surge in business revenue,” said Jill Gonzalez, WalletHub analyst. “As businesses make more money and serve more customers, they will increase their hiring. One thing that could slow the unemployment recovery is people who do not want to return to the workforce, either due to safety concerns or because they make a similar amount of money through unemployment insurance.”