The people around the globe are getting used to lead a normal life with the novel Corona Virus living around them. Companies started their operation and we see ‘We are Hiring’. But in US the hiring process slowed sharply into a low as the layoffs become permanent. In the month of September, around 661000 jobs have been added says a report from Labour Department. This increase in number shows the economy is reviving back to its form from the corona collapse but in a slower pace.
Around 11.4 million of 22 million jobs were lost in the month of March and April has been replaced till now. Since April, only in the month of September the recruitment number is less than a million. This recent report from the Labour department is the last one before the Presidential election, in spite of President Trump and first lady Melania Trump tested Positive for Corona. In the Presidential election campaign, both Trump and Democratic candidate Joe Biden promised to create millions of Jobs. One more sign indicating slow US economic recovery is the drop in household income and meager gains in consumer spending.
The unemployment rate fell to 7.9% in September from 8.4% the August month which was 15% in April. The September month drop indicates more permanent layoff, meaning more people leaving labour force. This might be due to weak employment prospects or Child-care responsibilities. The number of lay off in big organizations like Walt Disney Co. is 28000, and that of American Airlines and United Airlines Holdings together is 32000. “The pace of jobs recovery apparent in today’s report suggests that we will be counting the employment recovery in years, not months or quarters”, said Marianne Wanamaker, a labour economist at the University of Tennessee, Knoxville. On contrary, few employees saying that their layoffs were temporary and will return to work soon.
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