Soaring Unemployment Reveals Industries That Are Really Affected The increasing number of staff layoffs as revealed in the BLS jobs report indicates how much industries have been affected by the coronavirus layoff.
With the march of technology, getting started in stock trading is never too difficult. With online trading through advanced direct access trading platforms, you can easily check out the markets. Record Number of Jobless Claims Reflect Affected Industries However, you also need to review the current situation. The recently released jobs report by the US Bureau of Labor Statistics (BLS) has revealed rising unemployment claims as a result of coronavirus. But analysts report that it could get worse. It isn’t a surprise that unemployment levels have risen as the outbreak has caused the government to issue orders
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to businesses to go into lockdown. For some jobs, employees can work from home. But not all jobs can be done away from the site of work. With no possibility to have an active workplace, employers are forced to lay off staff. The employment report by the Bureau of Labor Statistics revealed unemployment to have increased significantly and set record figures. But by the time the pandemic runs its full course, unemployment figures are set to rise even further. Hospitality Industry the Worst Hit As expected, the hospitality industry suffered the most impact. This includes restaurants, catering companies, hotels, etc. 417,000 jobs were lost by businesses in the food and drink sector. As a result, the entire hospitality industry suffered losses worth 459,000 this month. Healthcare and Retail also Hit Severely The next worst hit was the healthcare industry. Jobs in the healthcare and social assistance industry also slipped by 61,000. Physician and dental offices were among the most affected. 52,000 job losses were felt by professional and business services. The retail industry lost 46,000 jobs, while the construction industry suffered a loss of 29,000 jobs. Only in the government sector were there new jobs, around 12,000 more. The situation, though, could be worse than reported. The surveys used by the Bureau of Labor Statistics only take data from the pay period including the 12th day of the month. With March 12 being a Thursday, workers who had weekly and biweekly payment had pay periods that were quite early in the month. Financial Stimulus Could Help Affected Industries So, while you’re choosing industries to invest in, the employment report could be just what you need to get a clear picture. Though the situation appears gloomy, the economic stimulus that was approved in late March could help the affected restaurant stocks. That could help them keep their staff through the crisis. Investors were worried about whether Chipotle Mexican Grill ($CMG) would have to deal with layoffs, but financial assistance from the government could help prevent such a situation. Be on the lookout for such reports to help you make the right trading decisions. With advanced direct access trading platforms, you can get started online easily.
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