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Job Seeking During the Coronavirus Crisis
Put your worries to work so you’re ready when we get to the other side of it
Reading the news is depressing stuff these days. In addition to the tragic loss of life that now seems inevitable, the coronavirus health crisis has turned into a full-blown economic crisis that promises to rival every economic crisis in the post-war era. Bank of America “officially declared” in mid-March that the U.S. economy has fallen into a recession — and that was even before the U.S. Labor Department reported unemployment claims had surged to 3.3 million, up from 281,000 the week prior. In the week ending March 28 initial claims leapt to 6.6 million — an all-time high. By late April, total jobless claims topped 30 million.
Experts expect these numbers to worsen yet over the coming months.
A sobering analysis by management consulting firm, McKinsey & Company, estimates that up to one-third of U.S. jobs could be vulnerable. The most affected industries — hospitality, food service, and retail — account for 42% of vulnerable jobs. With Americans confined to their homes, consumer spending — which comprises two-thirds of the U.S. economy — has narrowed to grocery, hand sanitizer and toilet paper purchases.
