Unemployment declines, new jobs emerge in 2020

On one side, the present workforce is reeling under the influence of technologies—artificial intelligence, blockchain, data science, etc. On the other side, the COVID-19 has changed the entire landscape, leading to job losses and an uncertain future. After doing a lot of damage to the U.S. and world economy, the infection is receding and the economy is reviving. The U.S unemployment rate fell to 13.3 percent, while payrolls soared by 2.5 million workers after the easing of restrictions on business activity, which led to a hiring spree across the industry. In the past few years, skills have become a major differentiator for hiring. So it’s not a surprise that people don’t do as much as they are expected to do. Taking professional credentials, especially now when everything is uncertain will reinstate the ability and stature in the industry. After the Great Depression, when the unemployment rate shot to 25 percent; the U. S unemployment rate touched a record-high 14.7 percent this year. This is the highest on record in data going back to 1948. The sudden increase in jobs marks a turnaround from the last month when the country lost 20.5 million jobs. This is the worst monthly decline on records for job losses back to 1939. Renowned Economists expected the unemployment rate to increase to 20 percent and the country to lose an additional 8 million jobs. Before the countrywide lockdown, the market was healthy for laborers. As the news for closures and stay-at-home began to materialize, unemployed people began to look optimistic. The country added a record-high number of jobs for 113 weeks straight. The unemployment rate was 3.5 percent in February, still, the country added an average of 211,000 new jobs every month. Needless to mention, the U.S. government has taken several measures to combat unemployment and help those who lost their job due to the widespread COVID-19. Nearly 150 million taxpayers gathered to celebrate. The government has been generous through this COVID-19 spread and offered relief to thousands of people. The Treasury’s Paycheck Protection Program offers $669 billion of loans to small businesses that can be forgiven if borrowers do not lay off workers. The federal government has been providing an additional $600 on top of state unemployment benefits, paying some Americans more than they earned on the job. In another commendable work, the Treasury’s Paycheck Protection program aids workers who are left out, with means of income. The program offers $669 billion of loans to small and medium businesses/ which can be let go if the employers don’t lay off their w Also, the recent data suggest that the labor market is now improving. In addition to all this, the number of people applying for unemployment benefits fell every week since the record high of 6.8 million in March. Last week the number of workers seeking health benefits declined to 1.8 million. At the same time, nearly 40 million claims were made for unemployment health benefits. Luckily, the world economy is reviving. While the companies have started to hire, many might still not find a job that fits them perfectly. This is an opportunity for workers to turn themselves into reliable and highly productive employees. So when the time comes to shed extra workforce, you’re not the one to be shacked. Well, this requires learning new skills and consistent practice. One of the ways to do so for employees is –to earn vendor-neutral certifications that will validate their skills from the impact point of view. Meaning the magnitude of impact you can make on the business using your skills. For more updates like this please visit: https://www.topchro.com/