As the nation sets pace for more lackluster executive orders rushed by Biden and Company over the past 3 weeks the pain is being felt throughout the nation. While the Impact of fuel prices alone are rising faster than the “Digital Advertising Boards” showing the price per gallon, most gas stations are raising prices faster than you checking the lottery ticket for a winning prize.
This pain at the pump has risen in some places as much as 14% over a 3 week timeline, and is expected to keep climbing. Impacts for workers (Legal or Not) that are simply trying to maintain a job during the current pandemic, are losing more than $50.00 per week in certain areas.
At a time where fair economics are clearly unbalanced for working men and women, “this is a punch in the gut” one painter I spoke to said. His Diesel fuel has risen even more than the regular gas for his second vehicle driven by his wife.
With Fuel Predicted to continue rising, this will take food off the table. Expectations are rising that the unemployment rate will stay above full-employment levels until the fourth quarter of 2023. If employment increases at the current pace moving forward, “it will take more than two years to recover all jobs lost,” Dr. Bovino said. “The unemployment rate should continue to decline this year, but at a tempered pace, as the return of people to the labor force should pick up through the year.”
Other economies around the world have recovered many, if not most, of the jobs lost during the coronavirus emergency periods last year. For example, Asia’s lockdowns were instated in combination with specific policies that kept workers employed and on payrolls, which caused minimal unemployment and ultimately boosted a rebound in hiring. The U.S., however, has experienced climbing coronavirus cases alongside declining federal stimulus—leaving the country in a precarious position to support the millions of Americans without work.
Women and people of color have suffered the most job losses during the pandemic. Women accounted for all of the 140,000 net jobs lost in December, with the majority having belonged to Black women, according to a National Women’s Law Center analysis of BLS data.
The organization’s analysis of the latest BLS jobs report found that an additional 275,000 women left the workforce in January—pushing women’s labor force participation down to 57%, its lowest level since 1988. In all of 2020, BLS data showed that women lost 5.4 million jobs, compared to 4.4 million lost by men. Additionally, new research released Feb. 9 by the New York Federal Reserve found that labor force “participation fell more severely for the Black population at the onset of the pandemic and has since recovered more slowly.”
This structural damage could become widespread and permanent. Nearly 42% of the 10.1 million Americans that remained unemployed in January were permanently displaced from their jobs, in addition to nearly 40%, or 4 million individuals, who have been jobless for at least 27 weeks, according to Dr. Bovino.
“Permanent layoffs are still more than triple the pre-pandemic average of 1.3 million but remain well below the 6.8 million peak in the Great Recession of 2008-2009,” she said in her report.