Coronavirus layoffs have not been equal. Here are the workers that have been hit hardest by pandemic job losses.
There's likely worse to come as job losses continue to climb in the US and globally. An estimate by Citigroup found that 31 million women in vulnerable sectors around the world face potential job cuts versus 13 million men.
If allWorkers of color are also experiencing higher rates of unemployment than white Americans. In April, Hispanic unemployment surged to an all-time high of 18.9%, while black unemployment rose to 16.7%. White unemployment was 14.2%. To be sure, the usual gap between white and black workers shrank in April — usually the black unemployment rate is twice that of white workers, according to Equitable Growth. But that's likely because black workers make up a larger share of essential workers, which puts them at greater risk of getting COVID-19. Black Americans are alsoThere's also evidence that the trillions of dollars of government aid meant to help small businesses stay afloat isn't reaching minority-owned businesses. Just 12% of black and Latino business owners who applied for assistance from the Small Business Administration, most under the Paycheck Protection Program, received the support they asked for,Another survey of small business owners by the Census Bureau found that 38% of those surveyed had received a loan, according to The Times. A part-time real-estate investor quit his traditional job 5 years after snagging his first deal. He shares his no-hassle strategy that's allowed him to travel the world with his 6 kids.The Great Recession was damaging to the youngest workers — then millennials — who struggled to find jobs and make meaningful wage gains in a floundering economy. The coronavirus pandemic downturn is having a similar impact on young workers. The unemployment rate for teenagers was nearly 32% in April from 11% a month earlier, according to the Bureau of Labor Statistics. Including young adults, the rate goes even higher — Gen Z, or those aged 16 to 23, have an unemployment rate of 34.1%, accordingYoung workers were also highly present in industries that faced layoffs and closures due to the pandemic, including retail, restaurants, and leisure and hospitality. Going forward, many young workers will be out of jobs this summer as internships were canceled and summer gigs are put on pause,While a summer off might not seem like a big deal, missing out on wages early in one's time as a worker can have a huge impact. In the long economic expansion following the great recession, millennial employment recovered, but their wages did not,Jefferies breaks down the top 22 stocks it thinks you should buy right now — including 6 fast-risers that just captured its attentionEconomists forecast that the unemployment rate in May could surge above 20%, threatening the all-time high estimate of roughly 25% amid the Great Depression. For the groups already seeing unemployment even higher than the headline rate, it could mean new records. There is some hope that as the economy reopens, many workers laid off or furloughed due to the pandemic will be able to find new jobs or return to old ones soon. So far, all 50 states have relaxed at least some of their restrictions put in place in March, allowing some businesses to reopen and some people to return to work. In addition, the trillions of dollars in government stimulus efforts including unemployment benefits and direct checks have helped American workers, businesses, and their families amid the pandemic. And, there could be more relief ahead — Congress is weighing a number of initiatives that would aid workers, families, and businesses going forward. But any rebound may be slow, and some of the workers who thought they'd be returning to jobs may find that those jobs no longer exist. It will likely take years for the US economy to recover from the downturn, and that will have an impact on all Americans. "It's because of the unequal structure going into this crisis that we are seeing these really disparate outcomes," said Bahn. Workers entering the labor market during a downturn are often forced to accept lower-paying jobs because there are no other options, Bahn said, which can put them on a difficult path. "If you get off track and you start at a lower level that has a lot of momentum, it's really hard to bounce back from that," she said. Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please emailfrom Business Insider Intelligence on how COVID-19 is affecting industries.
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