The US economy is recovering gradually with increasing options of employment. Image Courtesy – Deccan Herald
Employers in the US created about 48 million new jobs in the month of June. The unemployment rate has come down nearly 11 % there due to better employment for the second consecutive months. After positive employment information came out, it said that this is a sign of the US economy recovering from the coronavirus epidemic.
However, this is only a small part of the jobs created by the recession during the COVID-19 epidemic. The lockdown caused by the epidemic took away the employment of about 22 million people in the US. But, the US has succeeded in regenerating one-third of these jobs with the help of new jobs.
The number of confirmed cases of coronavirus infection is increasing in the South American states. Wherever some restaurants, bars, or other retail outlets started to resume business in these states, they have been forced to close the business again. The layoffs continue as these businesses are closed again. The number of people applying for unemployment allowance came to more than 14 lakhs last week.
The end of March saw a sudden surge in the number of people applying for unemployment allowances. Since then it has been declining on a weekly basis. However, the number of people receiving unemployment allowance still remains at 1.9 crores.
Bars, cinemas, and sit-down restaurants in California have closed again. The beach and bar business has also been closed in Florida. Texas has some smooth plans to reopen its economy. But, New York has deferred plans to open sit-down restaurants.
President Donald Trump said that after the positive employment data came out, it showed that there was a sign of recovering of the US economy. He told that there were also some areas where they have been trying to combat the virus infections.
Significantly, in many states of the US, especially in the southern and western states, cases of coronavirus are increasing rapidly. The process of reviving the economy is getting obstruction in those areas. People have aspirations that with the coming of Oxford’s vaccine, the economy will gradually become normal in the US.