Each month the U.S. Bureau of Labor Statistics reports on the employment situation. When COVID-19 hit, all industries watched employment nearly come to a halt (with record breaking lows that hadn’t been observed in years). Many industries are getting back to regular production with significant job gains in Leisure and Hospitality and additional gains in retail trade, education and health services, manufacturing and business services.
The graph above illustrates massive drops in unemployment accounts for millions of new hires. Temporary layoffs decreased by 4.8 million in June 2020, following a decrease of 2.7 million in May. The overall number of unemployed persons less than 5 weeks ago declined by 1 million to 2.8 million in June. Both full time and part time employment rose by an equal 2.4 million in the last month.
While employment is not back to seasonal norms we are seeing measurable spikes which provide assurance that business will resume over the coming months.
If you require any assistance during this transition back to hiring, we’re here to help.
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