Employment and Unemployment growth in the USA
An employed person is who do any work for pay or profit and who do work for the family business and for temporary reasons disable to do work like due to illness, industrial dispute, vacations or any other personal issues.
The population and employed ratio describes the proportion between civilian none institutional employed people. In year 2020, the employment rate in USA was 56.8%. It was 60.8% and 60.4% in the years 2019 and 2018 respectively. As we can see due to pandemics it is reduced by 4% in a year.
On the contrary, the Unemployment Rate in USA rose in 2020 by 8.1%. But there was a trend of reducing the unemployment rate after the high of 2010 because of the 2008 financial crisis.
Actual data of unemployment of June 2021……………. 5.9%
Previous data of unemployment is ………….5.8%
The highest data between up to June 2021 is 14.8%
The lowest one is 2.5%
Employment data and rate in April 2020 was 69.6% for 25 to 55 age but 49% above 55 age group. On the other hand in April 2021 it was 76. 9% and 53% respectively.
Unemployment data and rate in April 2020 was 14.8% for above 16 and below 55 age group and in 13.6 % for 55+ people. In April 2021 it was 6.1% and 5 % respectively.
So it is seen that jobless rate falling below 6% in the USA. It shows the job market thickened its recovery due to the reopening of the economy.
Some solutions to strengthen the employment data in this pandemic.
Improving unemployment insurance policy to stay the workers in the labour force.
Support private division employers to hire jobs.
Mobilise the government workforce to trace coronavirus.
This temporary quick workforce could get hundreds of thousands of jobless people to get back their work and accelerate a decrease in COVID-19. Shared work also offers employees and employers as well to retain the workforce during slow down and quickly start the operation without recruiting and training costs for new workers. It also helps to save from the financial issues of a full firing. The shared work policy works on reducing the hours of a group of workers and distributes the remaining work without firing off any employee.
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Median Housing Cost by State
