Confirming fears that a massive amount of people would lose their jobs due to the impact of the coronavirus, it has been reported that a record-setting 3,283,000 people have filed for unemployment benefits the week ending March 21.
There are reports that the job losses will continue, especially in hard-hit sectors, such as hotels, airlines, restaurants, malls and department stores.
In an effort to forecast what will happen next in the job market, Karin Kimbrough, the chief economist at LinkedIn, conducted a study of both China and Italy.
These two countries bore the initial brunt of the coronavirus. By researching the trajectory of their job markets, Kimbrough maintained it would offer insights into where the United States is heading.
According to Kimbrough, her analyses concluded that the U.S. will mirror the hiring trends in China and Italy. This would be exemplified by dramatic declines in U.S. hiring, as it occurred in both China and Italy. Then, once the virus has been contained, U.S. employment will rise, as it did in the two hardest hit countries.
LinkedIn also took a deep dive into determining which sectors are aggressively hiring. Its data shows a strong and fast-growing demand for healthcare workers. A large number of the jobs are for the brave professionals on the frontlines helping treat patients during this pandemic.
Healthcare-related workers are in the most demand with the highest level of job openings on the professional networking platform. According to LinkedIn, the increase in job listings for healthcare professionals tracks the rate of patients with coronavirus-related issues. Read more via MyJoyOnline