By Natalia Siniavskaia | NAHB
Analysis of the American Community Survey (ACS) suggests that renters and young adults under the age of 34 are likely to face higher prolonged unemployment risks as a result of the coronavirus pandemic hitting the labor market. The labor market risks are also uneven across states, with state economies heavily reliant on leisure, entertainment, retail and personal services being most vulnerable.
While recent job losses due to the coronavirus shutdown are astounding and widespread across industries, the expectations of how fast the return to normalcy will take are quite different for the hardest hit sectors. The recent economic indicators suggest that construction might go through a relatively fast V-shaped rebound once the shutdown orders are lifted. The destiny of hard-hit manufacturing is less clear. The International Institute for Management Development (IMD) in Lausanne, Switzerland developed a list of potential winners and losers and identified manufacturing as an “in-between” sector.