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It may take four years to recover the 22 million jobs lost in the current pandemic

The current pandemic may take four years to recover 22 million jobs.

December 1, 2020: Entering the ninth month of this pandemic and we have seen variations and differences in the jobs. The market is recovering in a prolonged phase while much small business will never re-open again. The United States alone reported 22 million jo0b loses in the last 9-months. A recent survey suggested that 65% of people do not have a permanent job for their living. There is a larger percentage of people who said the company where worked earlier will never open again. The United States reported the highest number of bankruptcy in the current year.

The biggest driver of the K-shaped recovery taking shape is that pandemic job losses were “highly concentrated in virus-sensitive industries” like Retail, leisure, and hospitality–all of which disproportionately employ low-wage workers, Goldman analyst Joseph Briggs wrote in a weekend note.

According to Moodys Analytics, the pandemic’s 22 million job losses will not come back till 2024. Significant jobs were lost from the industries that have been badly hit by the situation, like Retail, construction, Supply chain, and many other industries. 60% of the job that has lost the track are the shop floor jobs in recent times.

Companies have started performing, and many of the companies have adapted technological advancement in the current condition in the workers’ absence. It is also possible that automated technologies handle the processes entirely, and the workers lose their job permanently.

The slow economic growth and Americans making less than $30 per hour is the pain in the current situation.

Goldman projects a lack of new fiscal relief will cause a fourth-quarter decline in disposable income that will hit the bottom 25% of earners “particularly hard” while also weighing on consumer spending this winter.

“The largest pandemic casualties have been less productive industries including retailing, leisure and hospitality, while the biggest winners have been in more productive industries like technology, wholesaling and professional services,” Moody’s Analytics Chief Economist Mark Zandi said in a weekend note, adding that within industries, smaller businesses have fared worse than their larger, more productive counterparts, which are more able to afford large investments in technology and organizational changes.

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