Total nonfarm payroll employment rose by 4.8 million in June, and the unemployment rate fell to 11.1 percent. These improvements in the labor market reflected the continued resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic.
While the May job growth is a positive sign, it only marks the beginning of a painfully long road to recovery for the restaurant industry.
The 23 U.S. scheduled passenger airlines employed 6.7% fewer full-time equivalents (FTEs) in mid-April 2020 than in mid-March 2020
As a surprise to many, more than 2.5 million net new jobs were added to the U.S. labor market in May. Despite the good news, there is reason to be cautious in the months ahead.
US airlines employed 715,017 workers in the middle of April 2020, almost 37,000 fewer than in mid-March 2020 and almost 21,000 fewer than in April 2019. The April 2020 numbers consist of 604,551 full-time and 110,466 part-time workers.
Total nonfarm payroll employment rose by 2.5 million in May, and the unemployment rate fell to 13.3 percent. These improvements in the labor market reflected a limited resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic.
Many of the half-million seasonal restaurant jobs will not exist this summer, which will limit opportunities for first-time job seekers.
Marchs 459,190 full-time equivalents (FTEs) was up 3.2% from February 2020 (458,832 FTEs) and was the highest FTE total for any month since February 2003 (460,852 FTEs).
New research released by SHRM (Society for Human Resource Management) and Oxford Economics puts a price on the economic pain inflicted by COVID-19, as U.S. workers have lost an estimated $1.3 trillion – roughly $8,900 per worker. Notably, 20 percent of this loss represents earnings of those who remain employed, suggesting job-losses alone are an incomplete account of COVID-19's impact on workers.
Due to the effects of the COVID-19 pandemic, separations increased to 14.5 million in March; of those, layoffs and discharges were 11.4 million. Job openings and hires fell to 6.2 million and 5.2 million, respectively.