In the past six months, the US has gone from its lowest unemployment rate in 50 years, at 3.5 per cent in December, to its highest level since the second world war, at 14.7 per cent in April — and then back down slightly to 13.3 per cent in May. In the UK, the number of people claiming unemployment benefits jumped at the highest rate on record in April. The jarring increases reflect the impact of coronavirus on labour markets around the world.
As lockdowns around the world begin to lift, many are wondering when employment numbers will start to follow suit — and what the recovery will look like, whether its V-, W- or L-shaped. Just this week, more than 400,000 New Yorkers went back to work as the city entered the first stage of lockdown easing.
Which industries will begin to recover first? Are government programs really helping