Labor Market Overview
The most recent labor statistics made available by the U.S. Department of Labor is identifying more impactful increases in unemployment in certain industries than others. Economists and analysts believe that the year-over-year increases in unemployment are attributable to the pandemic, where mandatory closures and restrictions are continuing to hinder businesses and workers nationwide.
Unemployment is affecting various occupations differently, as the impact of the pandemic displaces certain workers more than others. Economists believe that the disparity enhances the negative affects on lower income workers versus higher earnings, creating even more inequality among the nation’s workforce.
Industries such as construction, motion pictures, hotel & leisure, and restaurants saw the most dramatic increases in unemployment relative to a year prior. Hospitals and health services saw the least amount of increases in unemployment, showing resistance to the current pandemic environment.
Source: U.S. Department of Labor