The post covid period was expected to be very tough on every single country, however, it appeared that there are some of them with better economic conditions after the global financial crisis. At the time of writing this article, the US Federal Reserve has announced that the economy is recovering at a high speed due to the growing confidence among consumers. The acceleration of economic activities was due to the fact that the vaccination process is going at a high speed and also, a lot of people are going back to their works.
The job shortage started to recover as the spring break holiday created a very fertile environment for the tourism industry and hotels, restaurants, or customer services were in need for the employees. It gives us the opportunity to have an optimistic overlook of the general conditions. The tourism industry is also having the booking for the spring and summer already which gives another positive thought about the economic recovery for the next several months. If New York City was facing few visitors several months ago, now the hotel occupancy rates are above 50 %. This means the profitable environment for the tourism industry not only in NYC but also has a spillover effect on another state as well.
Covid Crisis In the US
This topic is actually very massive and difficult to make a small summary but the general trends can be seen easily. The global covid pandemic that started in March 2020 affected all countries in the world. One of the main difficulties while dealing with this virus was its high speed of spread and one who had no idea of having covid virus might cause the death of his/her contact. Due to this fact governments all over the world tried to implement the policy that would protect their population most effectively even though it meant closing businesses, starting online working for everyone, and creating tough economic conditions.
While having hundreds of millions of population, the US covid statistic was very high and the restrictions and regulations very strict as a result. This is when and why the job shortage was created in the country and if someone was not affected by the virus directly, they were definitely affected by the economic crisis. The only chances that were left in their hands were to find the alternative income source, some of them started social media with the expectation to get the payment, some of them started their own online business and selling things online, some of them decided to become involved in the financial market that could give them the opportunity to overcome the crisis more effectively than it was possible the other way around. The most affected industries in the financial market appeared to be the crypto-industry and foreign exchange market, but due to the fact that not everyone had the proper knowledge, experience, or information for the successful trading/investment process, demand on the TopRatedForexBrokers was massively increased. The companies were assisting those who were interested in involvement in the financial market and the demand had increased so much that prices were dramatically increased at the same time.
After the vaccination process and the start of the economic recovery, the US appeared to be ready to create job places for those in need, but then the concern about the wages popped up.
Focus on Wages
As of today, the US is facing the increased speed of hiring, thanks to the high rate of vaccination as more than 3 million people are vaccinated daily and more than 60 million adults have already taken a full dose of vaccines. Even though the hiring rate is very high and more and more people are starting or returning to work, there are still some pitfalls if there will be another strain of the virus and will appear to be more difficult to cure than the ones that are base for the vaccine creation.
In March, the US has added more than 900 000 jobs which is the highest ever in this short amount of time. Better economic projections and a short period of higher inflation, according to Powell and other Fed officials, would have little effect on monetary policy, and the central bank will maintain its assistance until the crisis is over. The workforce in the United States is now 8.4 million workers less than pre-pandemic peaks.
Different services are trying to create an alluring environment for job seekers and in this case, payment appears to be the most important factor. Employers could be halting pay increases in the expectation of an influx of freshly vaccinated job applicants, according to some sources in the workforce. The rise of wages might still sound to be a little bit controversial as they are having the hope of older workers to come back after vaccination.
Summing It Up
Finally, to sum up, the economic conditions during the covid pandemic were different in every single country, and the recovery process is very individual as well. The US appeared to be ready to create a lot of working places in the post-pandemic period, however, it has also increased other concerns, such as wage rates and contract lengths as a lot of employees are refusing to increase wages because the old workers might become soon available to come back the work after the vaccination process is done and they will not face the problem of not having enough workers for their services. It has created a skeptical attitude among many people and the further development of the issue is just a matter of time.
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