Question

describe one long-lasting impact you feel Covid-19 will have on the US labor market.

Answer 1

Covid-19 pandemic has impacted the whole world. The pandemic shock waves are destroying the livelihood of millions of people. Countries like the USA are also badly affected by it and its labor market is struggling currently.
According to the researchers, Covid-19 will have a long term impact on businesses, laborers, and the nation as a whole.
As the concept of social distancing is increasing, the automation at the workplace will likely to surge in the coming decade. This will happen because the revenues of the companies are decreasing due to which hiring an individual to become more expensive and companies will search for alternatives.
The local employment rate will decrease which will damage the job skills of those people who will be unemployed. Sectors like food and accommodation, administration and business services, retail and wholesale; and manufacturing are the main sectors that will suffer the most due to Covid-19. Most of the workers in these sectors are low skilled laborers. Due to which the coming years can witness major layoffs of these workers which will have a major impact on the housing system also.
According to a report by Mckinsey & Company “Up to one-third jobs in the US may be vulnerable due to Covid-19. Amongst the one-third workforce, more than 80 per cent are the jobs that are held by low-income workers. In the coming months, people will struggle to pay the house rent.