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The Impact of Job Loss Due to COVID-19

The COVID-19 pandemic has brought unprecedented job losses, transforming the employment landscape across the nation. Newly released historical data tables put the economic disruption into perspective. According to the survey, 30 million adults lost their jobs or reduced their hours in 2017, and 3.8 million of them received unemployment benefits. These numbers are based on surveys of working adults. But how does this situation compare to the effects on the lower income groups?

The impacts of COVID-19 on American jobs and the economy have been significant. On April 21, unemployment rates hit the highest level since the Great Depression. The number of people receiving unemployment benefits soared, but they do not accurately represent the extent of household financial hardship. The impact of job loss due to COVID-19 is so large that the survey found that 24 percent of respondents reported losing their jobs. However, the majority of job losses were attributed to reduced work hours or furloughs.

As a result of the COVID-19 pandemic, women and girls worldwide have been disproportionately affected. Thousands of women will be out of work by 2020, and the impact on women will be greater than in men. It is estimated that these women will lose a total of sixty-four million jobs. That’s five percent of all jobs held by women. Meanwhile, men will lose an average of three percent of their jobs. This will cost the American economy more than $800 billion in lost wages, which is equivalent to the GDP of 98 countries.

The effect of COVID-19 on women and men alike is alarming. Women are more likely than men to experience job loss or burnout due to this epidemic. Juggling work and caregiving responsibilities with family demands can be overwhelming, and the loss of employment affects the lives of mothers and fathers alike. A recent survey showed that nearly one-fourth of working women in the U.S. lost their jobs, and a similar percentage of men lost their jobs.

The impact of COVID-19-related job loss on women’s health was especially apparent in low-income households. While this was not surprising given the fact that low-income workers and Hispanics are overrepresented in industries that were hit by the virus, black workers were less affected. Additionally, job loss among men and women who have breast cancer were perceived as more vulnerable to clinical affective disorders, which are exacerbated by the stress.

In Conclusion

The impacts on black and Hispanic women and men of all ages were most pronounced. Those who were already working were less likely to experience a job loss. The study also found that male respondents were more likely to have more time off than their female counterparts. Regardless of the age, gender, and race of the worker, the impact of COVID-19 on black and Hispanic families and children was enormous.

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