Nobody knew that the new decade of the 20s would greet us with a deadly virus being spread around the world, causing a pandemic. This pandemic has affected a lot of people and businesses, physically and financially. Many people became victims of unemployment, and many fell victim to the financial crisis. As the situation escalated around the world, it was predicted that the unemployment rates would continue to rise in the future.
April was the worst month this year for the job market as the employment rate hit a record low and was predicted to plummet continually in the future. This caused concern and panic among the newly graduated youth because it was the hardest time to land a job for a freshie.
Despite the worst time for the job market in the month of April 2020, the month of May saw some incredible drop in the unemployment rate. The Bureau of Labor Statistics reported a surprising surge in the month of May in 2020, with total nonfarm employment rising by 2.5 million.
The noticeable employment gain was in almost every industry, with the medical and hospitality industry coming out on top significantly and rightly so with more needs of doctors and medical experts amidst the coronavirus pandemic.
April’s record unemployment rate of 13.3% was historically the highest unemployment rate in the USA, which drove many people’s hopes and dreams into the ground. However, this sudden and unexpected rise in the employment rate has revived optimism in the disheartened people of the USA.
The following infographic shows a visual representation of the sudden surge in employment rates in May.
Infographic by: Statista.com