Job loss is the highest since the beginning of World War II

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The job losses in the United States last year were historically high. According to business newspaper The Wall Street Journal, the total number of jobs lost was at the highest level since 1939. Especially among the black and Latino population and among young people, job losses were high.

In the United States, only 9.4 million jobs were lost in 2020. That is much more than the more than 5 million jobs lost in 2009, in the wake of the global financial crisis.

The United States Department of Labor said on Friday that employment was shrinking for the first time in December since the coronation flap last spring. In April, following the declarations of lockdowns against the pandemic, around 20 million jobs were lost in one fell swoop.

The catering and related industries were hit hardest in the US last year, as elsewhere. As a result, unemployment among minorities, young people and low-skilled workers increased sharply. These groups were, according to the newspaper, are already disproportionately affected by the economic consequences of the .crisis.

About the author

Nicholas de Kramer

Nicholas de Krammer, а self-taught economic analytic with heave mathematical background. Math behind the economics (and economics behind math) is the strong side of the author. Contact him at [email protected]

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