The October 2020 U.S. unemployment figure improved compared to the peak unemployment of 14.7% in April. At the same time, the U.S. is seeing a growing group of millions of “permanent job losers” who no longer expect to be called back from a layoff or furlough.
While many sectors are still experiencing a downturn, most added a small number of jobs in October. For example, the hard-hit leisure and hospitality sector gained 271,000 jobs but is still down 3.5 million jobs from pre-pandemic levels. Professional services, healthcare, retail and manufacturing are all telling similar stories.
“Women are still being disproportionately impacted by the effects of the coronavirus on the labor market,” said Rebecca Henderson, CEO of Randstad Global Businesses. “It is imperative that the next administration support women who are being forced to choose between their careers and caring for their children as the loss of women from the labor force could have a $1 trillion impact on the global economy.”
Read more about the current unemployment statistics in Hunt Scanlon to see where your industry falls. You can also get your exclusive copy of the Q4 2020 issue of Talent Trends Quarterly, “The COVID-19 surveillance report,” for real-world business recovery and growth strategies.
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