Coronavirus: When Will the United States Job Market Recover?

May 11, 2020

The coronavirus pandemic continues to wreak havoc on jobs across the country.

In April, the unemployment rate jumped to 14.7 percent - the worst it has been since the Great Depression.

More than 33.5 million American workers filed for benefits since the stay-at-home orders went into effect in mid-March across the United States.

Experts tell CNN Business that the job market isn’t coming back anytime soon. Some say things going back to normal could take a couple of years, maybe even longer.

Although specific jobs will come back quickly as states reopen their economies, some may take longer. Some jobs will never come back to our country.

Danielle DiMartino Booth, the CEO and chief strategist for Quill Intelligence, said even though this happened quickly, "the healing process will take much longer.”

Many who lost their jobs are relying on unemployment insurance, but understandably, states are struggling to keep up. The economic downturn means that many states are drying out their state unemployment insurance trust funds and turning to the federal government for assistance during these hard times.

Many states have already been granted permission to borrow federal funds to pay out the climbing state and federal benefits.

Ethan Harris, the head of global economics research at Bank of America, said the country experienced too much damage to come back quickly. By the end of 2020, the company expects the unemployment rate will descend to 9.6%.

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