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Unemployment Rates Went Crazy During Covid

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Written by   28
1 year ago

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Introduction

After hearing Biden hype up the fact that they added millions of jobs back to the US economy following the conclusion of Covid lockdowns, I could not help but think that they really didn't do much other than allow for the return of businesses to full capacity and thus allow them to "create more jobs". Though I think this statement was twisted to raise positive views of his first few months as president, it does bring up the fact that we reached some of the craziest levels of unemployment EVER during Covid.

The Numbers

The Congressional Research Service issued a report last month documenting the rates of unemployment and charting them throughout different states and economic sectors. That report can be found here but I wanted to look at two of their charts.

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The first chart that I wanted to check out shows just how wild an effect this will have on our economy compared to economic hardships of the past. Unemployment was 4.8% higher than the peak of 2009. Now, there were reasons for this that ranged beyond the fear of getting sick, including federal boosts to people collecting unemployment that made it impossible for many businesses to attract employees back; however, I am not interested in discussing whether this was a good or bad thing as it is still a fact nonetheless that almost 15% of our population that was actively seeking work were unable to find a job during this time. With levels of unemployment at such insane levels, one can only begin to imagine the long term costs of playing catch up in order to get the economy back to the levels of production they once were at.

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This second chart gives a more detailed breakdown of the individual economic sectors that were hardest hit by Covid. You can see that at the peak, rates were at unheard of levels. It follows logically that a sector like Hospitality would take a beating as people were trapped in their homes for almost a year, but we can't forget about sectors such as manufacturing or utilities as the effects are quite clear with the massive inflation on groceries or even on your electricity bills.

Takeaways

We are living in a world that is more interconnected than ever before in our history. This connection is not just referring to the ability to send an instant message to someone all the way across the world, but also in the fact that someone across your own country is working hard so that you have the food you need at your local store. When things stand still in such a connected world, everyone feels the consequences of that.

I can only begin to imagine what other types of economic issues will arise in the wake of Covid-19, but one thing that is coming to my mind are the insane inflation rates we have been experiencing but have not been reported on often by our governments and mass media. When things begin to come to light and people begin to realize the importance of the statistics that are out there on this matter, I am worried that we will see drastic price swings in almost every sector.

This is why I am always recommending crypto to people. None of us could have predicted Covid and the unemployment levels that followed, but we could have predicted that the US dollar would inflate like a balloon without being reported on by a nation that fears having it's control slip away. This is not financial advice, but just remember to remain conscious of the reality of our world and the groups that are governing it in order to stay in the best control of your own personal situations. Just wanted to offer a few stats and show the financial impact of this world issue we are all living through.

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Written by   28
1 year ago
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Comments

Yes Unemployment rate goes very high in this pandemic situation... It is not good for all of us... We should take care our neighbours...

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1 year ago