There has finally been a drop in unemployment numbers. But this is not exactly a call to bring out the champagne. There has been such an increase in unemployment numbers within the last few months due to COVID-19 that it is quite hard not to see an increase. Let’s take a look at what some of this means.
Looking at the numbers for the end of June. Thankfully unemployment dropped to 11.1% (which is still very high). Nearly 5 million jobs were added in June which was a lot more than was estimated by economists. In addition, June marks the second consecutive month that there has been this level of growth…but it does have to be seen in context in that 20 million jobs were lost in April during lockdown.
But looking toward the future it has been recognized that since many more individuals are now working from home and businesses are allowing for this, more jobs will also be created. There will be more opportunity and wages could increase since there is less money being spent on office maintenance. This will definitely comprise some of the direction of the future.