HIGH ALERT: In today’s news, i.e., on November 24, 2021, it has been announced that the job opportunities have been reduced to that much low level which was never achieved since 1969. The American citizens have declared that the weekly employment provision percentage is declining day by day.
They have never experienced such a drastic downfall in the entire history of the employment rate. In addition to it, the decrement in jobs because of covid has damaged the overall state economy as per the annual statistical records.
A sudden and large amount of fluctuation in finance and commerce has created chaos in the finance market as it’s high time now, and the government should start thinking for alternative measures to cure and compensate for this current economic loss.
Statistical Analysis Regarding the Employment Reduction
The Labor Department released a statement on Wednesday saying that at the beginning of November 20, 2021, the numerical value of unemployment was around seventy-one thousand.
Later, by the end of the same week, the unemployment value rose from seventy-one thousand to one lakh and ninety-nine thousand, which is an abnormal increment.
Keeping in track the current status of joblessness, the researchers and data analysts have predicted that for the upcoming week, the joblessness value would rise to two lakh and sixty thousand approximately.
Comparison Between the Previous and Current Analysis
Though the reports against the unemployment increment have reduced according to October’s analysis but still in the present time, the estimated number of claims reported are nearly two lakh and twenty thousand.
Moreover, during the vacations, the statistical analysis would become much more uncertain and turbulent; hence would not give a clear idea regarding the fluctuations or changes.
When comparing the current results and results of the beginning of 2020 April, now a decrease has been observed in the unemployment claims from a higher value of approximately six million.
Also, after drawing a comparison between April 2020’s workforce market and today’s, it has been noticed that the workforce market has gained quite a lot of strength, but still, the presence of covid is not allowing the workforce market to expand as much as it should.
In 2021, the expansion of job opportunities cumulatively has been recorded as five lakh and eighty-two thousand. Furthermore, by the end of September, around ten million job vacancies have been noted.
Unlikely, the labor force is three million lesser than that figure which was maintained before covid. Educational institutions and corporations are about to open again, and they have also increased the income and salaries so that more people would show interest in applying.
The ups and downs in the employment rate are constant. When the economy was increasing back in the past few months, then suddenly a downfall occurred from July to the start of September, all because of covid which again led to the job shortages.
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Influence on Country’s Gross Domestic Product (Gdp)
Recently, a huge reduction has been seen in economic flourishment. According to the Commerce Department report, the yearly rise in the Gross Domestic Product (GDP) has been noticed at a 2.1 percent rate.
After that, the economic level was raised at a 6.7 percent Gross Domestic Product rate. A major percent of the shortfall has been calculated in the inventory, which has ultimately affected the daily expenditure on products that are used by the buyers or customers. Perhaps, in October, the consumer expense has accelerated as the number of sales has increased.
Hence, it can be seen clearly that the fluctuations in the employment rate are occurring rapidly due to numerous factors which are directly linked with the reduction of annual income generation and state capital.
Now, it is the responsibility of the state government to think, plan and execute accordingly, as per the demand and need of this situation which is becoming a red alert for everyone.