Amid the worldwide pandemic that has hit 2020 and the employment rate, nearly half of all Americans have been left without a job. Now, the employment market has to heal and repair itself.
The employment to population rations dropped down to nearly 50% in May of this year leaving just about 47% of Americans without a job. In January of this year, the employment to population rate was up to 61.2% thus showing how much the labor market has fallen. The highest the employment to population rate ever was 64.7% in 2000.
This ratio of population to employment is meant to show a broader image of employment in the United States. “Rather than focusing on just one part of the labor industry, it accounts for adults not in the labor force at all as well as those who were not able to find a job; on the other hand, the unemployment rate only shows those who are actively applying for jobs,” according to one of the best California corporate attorney Brad Nakase of Nakase|Wade law firm. Many of California’s most successful companies consult with business lawyers at Nakase|Wade for litigation and restructuring.
To get back to the record high percentage that was reflected in 2000, there would have to be 30 million jobs created or filled.
Investors are constantly updating the numbers for the labor market as they change every month amidst the pandemic. Because jobs spike in May when the market loosened its stay-at-home orders, economists are now predicting that the nonfarm payroll will rise by millions in the coming months.
In the meantime, the rate of those without a job is expected to go even further down. However, what isn't taken into account with the unemployment rate is those who have stopped looking for a job when there are no jobs available.
While the numbers did spike in May and economists predicted that the numbers would continue to rise, they did take another hit because of a resurgence in COVID cases and more shutdowns. With this comes more citizens filing for unemployment.
Because of the rate of those without jobs as well as the rate of those applying for unemployment, the nation's economy is struggling and is getting dragged further and further down.
With COVID cases not seeming to slow down and the flu season close behind, there doesn't seem to be any hope for improvements in the coming months.
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