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.
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“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.
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.