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Recession, jobs are likely to continue for several months: NCCI



Much of the job loss from the nationwide closure in March has recovered, but the recession is likely to continue, affecting employment levels for several months or years, according to a report published Monday by the National Council on Compensation Insurance. [19659002] In its briefing during the third quarter of 2020, Boca Raton, Florida-based NCCI, stated that while approximately half of the job losses have recovered and increased to -7.6% from a low of -16.3% in April , four service sectors – leisure and hospitality, retail, professional and other services as well as education and health – account for a large number of employment shortages in each state. The construction and manufacturing industry also sees lower employment than usual this autumn compared with other years, according to the report.

Average weekly wages increased by 5% during the pandemic to $ 1

,027 between March and April 2020, due to layoffs concentrated in low-wage sectors, but this weekly growth is expected to slow for the rest of 2020 and to 2021.

Temporary redundancies are increasing permanent, and the proportion of unemployed who are laid off permanently has increased to 30% from 9% in April and three times as many laid off workers in September 2019.

NCCI predicts that the employment gaps will continue and end the year by about 7% below what it would see out during a pandemic-free year and will have a greater impact on smaller companies than larger companies.

"After relatively rapid job recoveries from the original state resumed during the summer, we may now be entering a tougher stage of economic recovery as the pace of job recovery has slowed and an increasing proportion of unemployed do not expect their old jobs to come back ", according to the report.

More insurance and work compensation news about the coronavirus crisis here .

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