Many industries are likely to recover once the fear of the pandemic subsides but automation and the shift of many interactions online will lead to job losses in some industries that will be permanent.
The pandemic has shaken up the US workforce. Between February and April, more than 22 million jobs were lost. Including the 1,371,000 gain in August reported this morning, only 48% of those were recovered since April. And unfortunately, the pace of the rapid jobs recovery will not be sustained. The jobs reports later in 2020 are likely to show the recovery unfolding at a more modest pace. Overall, employment will remain well below pre-pandemic levels for the rest of 2020 and into 2021.
Most of the job losses thus far have been in industries impacted by social distancing, such as entertainment, restaurants and personal care. Those industries are likely to recover once the fear of the