The economy of the US added very few workers in the past six months till November. The resurgence of the raging number of coronavirus cases has further hindered the growth of the labor market along with the lack of additional relief aid from the government.
All these factors and more have had a negative impact on the process of rescue from the coronavirus pandemic depression.
Swindling Of The Labor Market
The Department of Labor has closely observed the employment report presented on 4th December, Friday that revealed 3.9 million US citizens have been suffering from unemployment since the last 6 months. Countless people have already lost all hopes with the oncoming holiday season which is an indication of the absence of assurance from the labor market.
This report includes the data of the first couple of weeks of the month of November that witnessed a raging COVID-19 infection. It also indicates the massive challenge awaiting Joe Biden, President-elect, once he presides over on 20th January. He has requested Trump and the Congressmen to offer additional financial stimulus to all Americans.
The US economy has managed to recover 12.4 million out of 22.2 million lost jobs in March-April. Despite the approaching vaccine and improvements in the negotiations of the stimulus bill, it is considered a grim winter by numerous economists.
The month of May saw a slight increase in the labor market and 4.781 million hiring in June. 344,000 workers were issued in the private sector while the govt. payrolls declined by 99,000 jobs. Retail division fired 35,000 workers, while transport & warehouses surged 145,000 jobs. The construction sector was increased by 27,000 job payrolls and manufacturers hired 27,000 new workers.
The ratio of employment-to-population dropped to 57.4% from 57.3% in October.
