Cities that rely heavily on tourism hit hardest by COVID-19 job losses
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At a time when forecasters were thinking the unemployment rate would continue to soar — to nearly 20% — the data for May actually show a slight improvement. Unemployment is down to 13.3%, which is terrible compared to pre-pandemic numbers, but still better than the month prior.
Earlier this week, the Department of Labor broke down which cities had been hit the hardest with job losses through April. Two cities in Hawaii, followed by Las Vegas and Atlantic City, topped the list for the highest rates of unemployment in the country.
Jed Kolko, chief economist with the job search site Indeed, says that in recent weeks, he’s seen a drop in job postings in places other than just tourism spots.
“Rather, they’re some of the big tech and finance hubs across the U.S.,” Kolko said. “Ironically some of the places where it’s easier to work from home.”
He says the slowdown in those sectors may be less about the current shutdowns and more about uncertainty over the future health of the economy.
COVID-19 Economy FAQs
What do vaccines mean for economic recovery?
COVID-19 is not going anywhere anytime soon, according to expert witnesses who testified at a recent hearing held by the Joint Economic Committee. Put simply, we can’t eradicate the virus because it infects other species, and there will also be folks who choose not to get the vaccine or don’t mount an immune response, according to Dr. Céline Gounder at NYU School of Medicine & Bellevue Hospital. “That means we can’t only rely on vaccination,” Gounder said. She said the four phases of recovering from the pandemic are ending the emergency, relaxing mitigation measures, getting to herd immunity and having long-term control.
Can businesses deny you entry if you don’t have a vaccine passport?
As more Americans get vaccinated against COVID-19 and the economy begins reopening, some businesses are requiring proof of vaccination to enter their premises. The concept of a vaccine passport has raised ethical questions about data privacy and potential discrimination against the unvaccinated. However, legal experts say businesses have the right to deny entrance to those who can’t show proof.
What do I need to know about tax season this year?
Glad you asked! We have a whole separate FAQ section on that. Some quick hits: The deadline has been extended from April 15 to May 17 for individuals. Also, millions of people received unemployment benefits in 2020 — up to $10,200 of which will now be tax-free for those with an adjusted gross income of less than $150,000. And, for those who filed before the American Rescue Plan passed, simply put, you do not need to file an amended return at the moment. Find answers to the rest of your questions here.
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