In the fall of 2021, we are continuing to not only see the social and medical ramifications of the Covid-19 Pandemic, but we are now seeing some more economic problems start to arise. That comes in the form of the United States overall unemployment rate continuing to plummet.
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In response to COVID-19, the United States had to implement measures to slow the spread of the virus such as social distancing and a partial economic shutdown, actions which have had a major impact on the U.S. economy, including people’s livelihoods and jobs. The immediate effects that the pandemic has had on the U.S. labor market have been evident in both the unemployment rate and payroll employment numbers. In the early months of the pandemic, the unemployment rate soared, peaking at 14.7% in April 2020, the highest point since the Great Depression. More than 20 million jobs were lost in April as well, which was a record number of jobs lost in a period of one month.
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The COVID-19 pandemic has impacted several different companies and industries in various ways. Some industries boomed throughout the year, and some are still struggling to maintain themselves. However, the effect of the pandemic on each company and industry has also had a unique effect on the recruitment of each sector.
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Calling all students at Seton Hall University! This year’s Spring Career Fair will be held virtually through the span of 3 days on March 23rd, March 24th, and March 25th. Hosted by The Career Center, the Career Fair is an amazing way to network with potential employers and learn more about different organizations.
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It is fitting that in a year as uncharacteristic as 2020, the stock market has experienced unprecedented volatility. When Wall Street opened its doors on January 2nd, no broker could have predicted that the Dow Jones would plummet 10,000 points over the course of three months, a historic meltdown that culminated in a 37% drop from the all-time high of 29,569.58 achieved in February. Such a nosedive was largely because of the Dow’s performance on March 12th, a day that investors refer to as “Black Thursday” due to the market falling 2,300 points.
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There is no doubt that the pandemic has caused economic problems— small businesses are closing, close to 18 million Americans are unemployed according to the U.S. Bureau of Labor Statistics, and stock prices are falling at enormous rates. The question on most people’s minds is: how will we recover from such a big loss in our economy?
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