The incredibly fast rise in infections from the highly contagious Omicron variant fortunately appears to have reversed just as quickly. On the other hand, 6 million people, nearly twice as many as in December, could not work or lost hours over the previous month due to the pandemic disrupting normal business at their place of employment. Additionally, there are more job openings than there are workers available to take them pushing up wages as businesses try to attract employees. Data collected in the middle of the surge reported 467,000 new hires, over three times what analysts had expected. Unlike last year though, when the Omicron variant pushed new infections to levels much higher than at any time during the pandemic, the US recorded significant job gains. unemployment rate falling below 3% this year, a jobless rate the country last saw in the early 1950s, he told in a conversation on Twitter Spaces 1/3 /EltIY6vVnG- Reuters Business FebruThe Omicron variant didn’t slow down job gains Louis Fed President James Bullard sees the U.S. But the last one has also been blamed for the current high rate of inflation. They are credited with supercharging the economic recovery which had begun to lag at the end of 2020 as a new variant caused infections to surge. Two more rounds of stimulus checks were also passed in the interim of up to $2,000 in total. Those benefits were extended in 2020 and again in 2021 but have now ceased, being seen by some as the reason behind a severe labor shortage in the US. Congress acted rapidly to pass the 2020 CARES Act to get relief to businesses and households, including the first round of stimulus checks of up to $1,200 for eligible adults and $500 per qualifying kid under age 17.Ĭongress also passed generous enhanced pandemic unemployment benefits which kept households afloat where workers’ businesses were shuttered or they had to stay home because of pandemic-induced upheavals in their lives. When the US and the world were put on lockdown, millions of workers were confined to their homes sending the unemployment rate skyrocketing to 14.7 percent in April 2020. Which states offer direct payments for residents?Ĭongress previously acted quickly to get relief to Americans affected by the pandemic.VP Kamala Harris provides update on Child Tax Credit.Tech entrepreneur couple arrested for $3.6bn bitcoin theft.Even after the nation experienced its largest surge yet of the pandemic. Several factors are at play preventing action to help American households still struggling in the aftermath of the recession caused by the virus. Despite continued disruptions to business as usual and covid-19 keeping people from working, no new covid-related relief is on the table. The covid-19 pandemic is approaching its two-year anniversary and the US just crossed another grim milestone surpassing 900,000 deaths.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |