The Economic Impact of COVID-19

September 22, 2020

COVID-19 has been an overall wake-up call for the world. While the virus and its biological effects take a toll on the health of millions around the world, the economic impact from the disease has been hard hitting.

The United States weekly unemployment numbers were at 4.4 million ending the week of April 23, 2020. Some total 26 million total jobless claims in the short span of 5 weeks.

Who’s Suffering the Most?

There’s little surprise that the people who are suffering the most at this time are those in the travel & hospitality industries. Companies like Walt Disney World and Marriott both announced furloughs for staff, leaving several with no source of income during these uncertain times.

Pebblebrook Hotel Trust, the company that runs 50 hotels in the US let go of 4,000 employees. Danny Meyer’s Union Square Hospitality Group let go of 2,000 employees.

The arts and culture employees are also suffering. New York’s Metropolitan Opera fired all of its union employees and cancelled all programs till the end of 2020. Cirque du Soleil only maintained 259 of its 4,679 employees.

Retail giant Macy’s furloughed 125,000 of its employees.

Please click here for a list of companies who have fired or furloughed major staff right now.

Industries that are Still Hiring

There are always rays of sunshine amidst the clouds. A few industries have seen a steady flow in demand for jobs.

  1. Administrative and support based jobs
  2. Retail trade
  3. Health Care, Social Assistance
  4. Professional & Scientific Services
  5. Transportation
  6. Manufacturing
  7. Accommodation & Food Services
  8. Finance and Insurance

Use Your Downtime Wisely

If you’re unemployed, this time can be especially harrowing. But looking for a job is also a job by itself.

Pace yourself as you manage daily chores, personal time, and manage your job search. Keep dedicated time to enjoy yourself or spend time engaging in a hobby.

There are also various free online certificate courses available to enhance your skillset and add a couple of notches to your LinkedIn profile.

If you’re a recent graduate and don’t need to learn anything new, take this time to reach out to your alumni group. Approach your college counselors to assist you by connecting you with professionals in your area of interest. Or simply do a search on your own.

Be Safe. Enjoy every Moment

As the economy reopens, more jobs will become available. But it’s exactly this time where safety measures should not be taken lightly. So while you engage in your job search, be sure to follow simple rules when venturing outdoors; like putting on your masks, using sanitizer, and maintaining social distance.

by Kinza Khan
by Kinza Khan

September 22, 2020