As a result of government orders, slow business or voluntary action, as businesses across the country shut down to prevent New coronavirusMany Americans find themselves unemployed. When everything is over, they may find themselves looking for work in a completely different economy. New data on sectors that are hiring or not hiring are already suggesting a shift.
Early unemployment Skyrocketed nationwide this month Of course there will be more. Estimate 37 million jobs could be lost in the short termBased on U.S. Private Sector Job Quality IndexThis is a project of Cornell University Law School. The vast majority of these jobs are low-wage and concentrated in areas such as food service, retail, support and accommodation services.
Of course we Still in the early stages of a US coronavirus pandemicIn retrospect, we will only know the true and comprehensive nature of the economic massacre. But the influx of new data every day doesn't make things look good.
Job postings indeed, The largest recruitment platform by traffic statistics in the United States, from January 1st to March 14th to the same period in 2019, has fallen by 7%. As you can see from this chart, the United States did see how much the number of publishers this year dropped in 2018, 2019 and 2020:
Indeed, data cannot be compared back to the last recession.
Although job postings alone do not account for employment in the economy as a whole, they are a good proxy for employment prospects, and job declines usually precede tougher measures, such as job cuts, and indicators such as unemployment claims have already shown this.
Mark Muro, a senior research fellow at the Brookings Institution's Metropolitan Policy Initiative, told Recode: "The release job is a manager's forward-looking impression of the company's prospects." "This is a vote of no confidence. "
He added that things could get worse in the US job market.
"The data cover a period when a distant storm is approaching and beginning to shroud the edges of towns," he said. "The collapse of jobs could follow."
Indeed, measures against the spread of Covid-19 caused by the new coronavirus have been strengthened since March 14 and California, the most populous state in the United States, has ordered all 40 million Residents stay at home From March 19th. Three days later, a similar order came into effect for nearly 20 million people in New York. Numerous Other cities and states Instructions for their own shelter have been issued. The result is empty streets and empty businesses, many of which are undoubtedly considering layoffs rather than new employees.
In countries like Italy and the United Kingdom, the virus has spread for longer, and the percentage of job declines is in the teens. According to Indeed, jobs in Italy have fallen by 18.2%, Ireland has fallen by 17.7%, Australia has fallen by 15%, and Britain has fallen by 14.8%, with approximately 25 million jobs worldwide.
Jed Kolko, the chief economist who did recruit the lab, said that in other countries, the number of listings is high, "reflecting the progress of the virus, the nature of government fiscal and monetary countermeasures, and the blockade, The nature of the shelter. The location and other rules that restrict or stop economic activity. "He expects a similar situation in the United States soon.
Overall, the US economy has suffered a major blow. Earlier this month, the Dow Jones Industrial Average was a measure of the stock performance of major companies and the overall economic situation. Worst daily decline since 1987. after that The longest market expansion in historyExperts believe that the global economy is changing Towards decline.
Although the restaurant is closed Disrupted the food service industry Because of restricted flight and travel advice Hitting aviation and tourismThere are some employment highlights. According to Indeed, medical care, as well as warehouse loading and unloading and inventory work have increased this year. Amazon, one is Hiring 100,000 new warehouse workers Meet this need.
Long-term results may mean a change in the structure of American jobs, because those who cannot work in one area will choose vacancies. This could mean moving from tourism, hospitality, arts and entertainment to jobs such as loading and storage or health care, depending on individual skills.
Considering that overall job losses in the United States have fallen by 7%, growth in health care and loading and unloading and inventory work is not enough to make up for losses elsewhere.