The pandemic has cost more than just lives. With strict lockdowns and trade restrictions, people still remain jobless. The US is also among the countries worst hit by the Pandemic. There are fewer jobs added to the US economy despite the ease of restriction. According to experts, reopening aims to add more opportunities to the economy. However, the forecast of potential employment opportunities didn’t meet the mark. Although the numbers of vacancies are considerable. But, the openings didn’t meet the expectations of economists. With the reopening, there are 559,000 job openings following the openings of bars and restaurants.
Hiring did help in reducing the rate of unemployment. The current unemployment rate drops to 5.8% than 6.1% in the month of April. The President, Joe Biden lauds the improvement in the employment rate. The progress is historic despite the worst crisis we’re in the past 100 years. Also, a large contribution of jobs comes from Hospitality and Education sectors. These sectors were among the bad hit by the Pandemic. However, vaccination derives ease in restriction has opened the doorway to opportunities.
The number of people unemployed in the US still stands at large. Millions of people are still in search of work. Many jobs belong from restaurants and bars as restrictions ease public movement. The US Bureau of Statistics shows long-term unemployment reduced by 491,000. However, still fewer jobs added to the economy than estimated.