According to WalletHub, there are currently 9.5 million Americans unemployed due to the COVID-19 pandemic.
From a country that used to believe in the “American dream,” where people work for what they want, the pandemic proved that this belief is no longer held true for a large number of people that occupy the states.
Many people see that they are able to make more off of unemployment, so they aren’t in a hurry to get back to work.
The statistics prove this statement as true, and that is that 25% to 40% of unemployed workers are making more than those who are working.
“Expanded unemployment benefits were necessary during the height of the COVID-19 pandemic to keep families on their feet in the midst of massive layoffs,” said Jill Gonzales, Wallethub analyst.
Even so, the pandemic has begun to slow down and companies are opening up their doors again, not only for the public but also for those that, excuse the metaphor, “man the ship,” but this need is not being met at the rate the companies need.
“Now is an ideal time to be looking for a job in order to get the best compensation and most benefits possible,” said Gonzales, “companies are desperate to get employees which means job-seekers have a lot of leverage and options.”
It needs to be said that even if the current unemployment benefits pay well, people should be looking at possible long term plans rather than the short term relief they are currently receiving.
“Now that COVID-19 cases have dropped dramatically and the country has largely reopened, it’s time for the free market to function again,” said Gonzales.
Republican dominated states, red, are getting back to work at a greater rate than the democratic dominated states, which are the blue states.
This is shown on Wallethub, where blue states are ranked #29 while red states are ranked #23; The lower the ranking, the greater the recovery is.
California is ranked #46 out of 51 states, and as of July 19th, “California had 67,418 new unemployment cases,” said Gonzales.
The good news is that each state’s current unemployment rates are less than those released this time last year.
According to Wallethub, the U.S. unemployment rate sits at 5.9%, which is still high but is much lower than the nearly historic high of 14.8% in April 2020.
This drop in unemployment rates is a result from both vaccinations and states loosening restrictions.