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U.S. Labor Market May Be Showing Promising Signs After Highest Level of Unemployment in April
It’s no secret that the coronavirus pandemic has caused problems in unemployment. The April jobs report said the unemployment rate was at its highest level since the Great Depression. However, according to a new study, the labor market may be showing some good signs.
The hiring rate in the U.S. began to smoothen in April after falling sharply the previous month.
“While May isn’t showing material signs of improvement just yet, we are seeing some promising trends on the horizon: hiring is beginning to stabilize, and the curve of infection is trending down,” wrote LinkedIn’s chief economist Karin Kimbrough.
The U.S. hiring rate has plateaued. “Since mid-April, hiring has been down about 25 percent year over year when compared with the same period in 2019,” reported Fox Business.
U.S. initial jobless claims data, set to be released at 8:30 a.m. EDT, to indicate whether the labor market continues to recover as the economy reopens https://t.co/lsn6ejCNRA
— The Wall Street Journal (@WSJ) June 18, 2020
Kimbrough described the labor market situation as a “slow ramp up back to normal.”
“Globally, we’re seeing that hiring is beginning to stabilize. Hiring rates in the United States and Singapore over the past 6 weeks are leveling off relatively. In Australia, the United Kingdom, France, and Italy, we saw hiring spike up, then back down, from the Easter holiday — but we’re not seeing any of the sharp declines that we did in early- to mid-March,” wrote Kimbrough.
“We’re expecting that these countries will follow the trend of the U.S. and Singapore over the course of the next few weeks,” she added.
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