More than six months after the pandemic ravaged the U.S. labor market, millions of Americans who are still unemployed are bracing for the possibility that the jobs they held before the crisis may not come back for years, if at all.
After big improvements over the summer, the labor market recovery is slowing. People who previously worked as bartenders, housekeepers or in other jobs dependant on travel and close human interaction, are sidelined as their industries adjust to lower demand and the pandemic begins to leave a lasting mark on the U.S. economy.
As of September, the U.S. labor force had about 142 million workers, down 7% from pre-pandemic levels. But employment in leisure and hospitality is 23% below pre-pandemic levels, according to Labor Department data released last week, more than any other industry. Temporary furloughs are becoming permanent layoffs as companies that had hoped to reopen fully make tough choices. Read more via Nasdaq