How will COVID-19 change working in America? Around the World?

How will COVID-19 Change Working in America? Around the World?
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How will COVID-19 Change Working in America? Around the World?
In recent times, it has been a rarity for a health crisis to induce the level of the economic crisis that is prevailing currently. The virus responsible for the COVID-19 pandemic brought the global economy to its very low through two methods. First, social distancing compelled the closure of businesses, corporate offices, financial markets, and events. Secondly, the rate of its spread initiated flight to safety for international trade partners, investors, as well as consumers when it came to consumption and investment. Coronavirus, which has deep-rooted claims of its origins being in China, is in almost every country on the face of the planet (Guo et al., 2020). In essence, it is bound to influence the world of work and labor markets from different aspects. The unprecedented impact of the virus influences the consolidation of a report that endears to discuss the various effects present across the number of jobs, quality of work, and on the position of the more vulnerable to ensuing economic situation.
Unemployment
In the article about the unemployment impacts of COVID-19, Aaronson and lba (2020) discuss the most evident consequence of the virus stating that 17 million United States citizens had filed for unemployment insurance claims three weeks to April 15, 2020. This position implies that the country’s unemployment rate was approximately 15%, which is higher than that experienced during the Great Recession (Aaronson & Alba, 2020). The claims are varied depending on the state with those hardest hit with the virus doubling or tripling the unemployment figures of lowest hit states. Those that have been hit hard include Michigan, Pennsylvania, and Rhode Island elicit rising unemployment numbers.
The metropolitan areas are witnessing similar circumstances although their structural nature apparent in infrastructure, demographics, geography, and industrial mix are instrumental components that guarantee they regain their position much more quickly or at the very least, improve significantly. However, this is not the sole claim to this state. States such as Nevada and Hawaii had economic systems that were predicated on tourism and hospitality. Further, the case for unemployment is one that extends to the global stage. Aaronson’s and Alba’s works are supported by the International Labor Organization (2020, p. 2) report that outlines “a rise in global unemployment of between 5.3 million (“low” scenario) and 24.7 million (“high” scenario) from a base level of 188 million in 2019.” Even though these figures may lack consistency, there is a wide expectation that levels of unemployment at both national and international levels will rise substantially.
Underemployment
The Food and Agriculture Organization of the United Nations (2020) article on the impact of COVID-19 on informal workers highlights the underemployment effect of the pandemic in the labor market. Underemployment is different from unemployment in that the latter connotes lack of a job while the former highlights that the job held are inadequate for ...