October’s Bureau of Labor Statistics jobs report showed once again that we are slowly but surely on the rebound from the first wave of COVID-19. With a national unemployment rate of 6.9%, we continue to inch closer to pre-pandemic levels of employment, and have made it back to the level of unemployment that we saw two to three years after the 2008 recession.
638,000 jobs were added in October, many of which were in the restaurant and retail industries in preparation for the holiday season. Additionally, the amount of people unemployed for 15 to 26 weeks decreased by 2.3 million to 2.6 million individuals.
There is reason to be wary, with the looming threat of a second wave and subsequent lockdown as the U.S. continues to surpass previous case records. However, news of a vaccine developed by Pfizer showing 90% effectiveness against the virus could mean that there is an end to the pandemic in sight.
We’ll continue to take this day-by-day, but Hireology wants to help your business prepare for what’s ahead and get people back to work. Below are some suggestions on where to angle your focus to ensure your team is set up for success.
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