Tuesday, June 2, 2020

the American labor market tested by Covid-19

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The numbers are enough to make you dizzy. Between February and April, the unemployment rate in the United States fell from 3.5% to 14.7%. Such an outbreak had never been observed since the war.

Soaring unemployment, symbol of an ultra-flexible job market

World Infographic
World Infographic

The number of jobs in the United States has therefore returned to its level in early 2011 (around 131 million, compared to 152 million before the pandemic). In the hardest hit sector, recreation and accommodation, the number of jobs has been halved.

If the unemployment rate has soared so quickly, it is because the American labor market is one of the most flexible in the world and that the authorities intervene little, whether from the point of view of regulation as that of aid to employees and the unemployed.

Shock measures to try to stem the crisis

The US government has, however, put in place several aids to maintain jobs or help people who may have been laid off.

Americans unconvinced in polls

Despite the efforts of Donald Trump’s government, Americans’s view of their economy appears to be shaken, and the effects of the Covid-19 epidemic are felt in almost every second home.

Recently, the American press revealed that many listed companies have also benefited from the Paycheck Protection Program. Although some have returned this money, American public opinion criticizes the way in which this aid was managed.

Approval of Donald Trump's responses to the Covid-19 crisis still differs widely depending on partisan affinities.

Sources: BLS, FED, OECD, Associated Press-Norc, CNN, LLRI, Fivethirtyeight

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