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When Covid-19 hit, it had a global impact on everything from housing, food supply, commercial industries, and more. One aspect of the Pandemic that is still affecting many is unemployment. Due to jobs having to shut down, many people were laid off and furloughed. The job market crashed, and there were a large number of people who were left jobless and without hope. After a year, the introduction and distribution of the vaccine are encouraging jobs to open back up, but there are still many unemployed people.
In April of 2020, the unemployment rate spiked to a level we have not seen since the 1930s. In March of 2021, the unemployment rate was at 6 percent, and the ratio inside was highly disproportionate. According to CBPP, 9.6% of Black people are unemployed, and 7.9 percent of Latino people are unemployed compared to the 5.4 percent rate of White people. This rate increases more for those who are born outside of the United States and migrated to America to work. Experts predict that changes to the unemployment rate will depend on how well our country is able to control the spread of the virus, in addition to the stimuli boosting the demands for goods and services.
The details of the unemployment rate are discouraging, as many who were affected work in industries that contain low-paying jobs. According to the Labor Department unemployment data, low-paying wage jobs make up about 30% of the workforce, but they made up 56% of the unemployment rate from February 2020 to March 2021. According to research taken from the Census Bureau’s basic monthly Current Population Survey recorded in March 2021, 27 million people met the official definition of “unemployed” or lived with a family member who was unemployed.
Currently, there are said to be 7 million children who are living in homes where at least one of the parents is unemployed. In February, 4.2 million workers admitted to not being able to look for work due to the Pandemic, and 700,000 extra people noted that they had a job but were absent for up to 4 weeks without pay because of Covid-related business closings and business losses.
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