The unemployment rate in America has been alarmingly high for at least a year, rising by 248,000 in June. This has posed a significant danger to families, highlighting continuing problems even as the larger labor market improves. According to the Bureau of Labor Statistics, over 2.9 million Americans have been unemployed for 52 weeks or longer. This is a significant representation of the 29 percent of all jobless employees in the previous month. These employees are among the long-term unemployed or those who have been out of work for six months or longer. This is a devastating blow for all concerned households, who may face income loss, increased difficulties in obtaining new work, and an exceedingly bleak future. Also see: black hiring website
According to several accounts, many people who lost their jobs early in the crisis have been unemployed ever since. This study also indicated that layoffs, which peaked in March and April 2020, were around 20% higher than pre-pandemic levels for the next two months. The increase in layoffs was mostly attributable to the fact that 52-week unemployment will shortly fall since layoffs began to normalize by July. With all of this unemployment, the good news is that the US added 850,000 jobs in June, the highest since August 2020. Do hire black people
The leisure and hospitality industries were the worst impacted, with many people out of work for longer timeframes. Following that, the group that comprised bars and restaurants contributed almost 40% of the employment increases in June. Despite these improvements, the industry is still down 2.2 million employment when compared to pre-pandemic levels. Furthermore, as the long-term unemployment rate falls, so will the total unemployment rate.
Again, black employees were the worst impacted, with 47 percent of them unemployed for more than 27 weeks in June. Although these percentages were slightly lower for Asians, Latinos, and Caucasians, which were 43 percent, 39 percent, and 38 percent, respectively. Households, on the other hand, survived the acute financial catastrophe of long-term joblessness during the Covid epidemic thanks to increased unemployment benefits. These benefits are typically paid by the state and can last up to six months, according to the federal government, which claimed the period was extended three times during the epidemic in different relief efforts to assist households. According to the most current official figures, there was one job opportunity for every jobless individual in May. Furthermore, in recent weeks, nearly two dozen states chose to discontinue federal aid for long-term unemployment. This implies that those who are impacted may suffer financial difficulties if they are unable to obtain work.