Recent Unemployment Filings Wipe Out a Decade of Job Gains

  in   Insights

In the past five weeks, the record volume of Americans filing for unemployment essentially wiped out all the strides the economy made during the past decade. Starting in early 2010 and lasting a full 10 years, the U.S. enjoyed one of its most prosperous periods of growth, according to the Bureau of Labor Statistics. During that time, an unprecedented 22.8 million jobs were created in the U.S. Though annul employment gains have softened in the past few years since peaking in 2015, recent additions remained strong in historical perspective. When the COVID-19 pandemic struck the U.S. economy, the progress made in the past 10 years was lost, when a record 26.4 million Americans filed for unemployment in five weeks, according to the Department of Labor. Downsizing has been most substantial in the Hospitality sector. In contrast, job segments not shedding as many workers are Financial Activities and Information, while the Government sector has gained jobs recently.