To say that 2020 has been a year like no other would be a staggering understatement. Our health, well being and livelihoods have been stress-tested in ways we couldn’t have imagined just one year ago. In order to make sense of the chaos, and search for some sign of light at the end of the tunnel, we took a deeper look at our jobs data to see what it can tell us about the labor market and economy amid the global pandemic.
In our newly released COVID-19 Impact Report, we examine the ongoing effects of coronavirus on the labor market globally and nationwide, as well as at the state and MSA level. We looked for early signs of economic recovery, as well as insights on how industries and occupation will adapt and shift.
At its peak, which was late February 2020, the U.S. had nearly 3 million active job listings and unemployment was at an all time low. Within a matter of weeks COVID shutdowns and stay-at-home orders were newly underway, and active job listings dropped to less than 2 million. In April we published an Economic Indicators Report [COVID-19 Edition] that tracked the immediate impact on hiring, which was grim, to say the least. Now, more than six months into the pandemic, we are seeing some positive growth in U.S. labor demand – after bottoming out in May, job listings have grown by nearly half a million. Though the road to recovery is long (we still remain half a million jobs short of where we started pre-pandemic) the report provides reasons to be cautiously optimistic.
For more insights and analysis, download the report now, and make sure to stay tuned as we continue to monitor labor demand in the wake of COVID-19.
If you’d like to know more about the data behind this report, please contact us.