Amid COVID

• GDP sharply dropped in the second quarter of 2020, decreased 31.4 percent.

• The US economy contracted 3.5 percent on an annual basis in 2020, the largest contraction for any full year since the demobilization from World War II in 1946. The large decline in annual GDP reflects the very low amount of economic activity that took place in the second quarter. With the relatively rapid rebound in the second half of the year, the economy was down 2.5 percent from the fourth quarter of 2019 to the fourth quarter of 2020, among the worst four-quarter contractions in the postwar period but somewhat smaller than the worst period in the global financial crisis.

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• The industry that had the greatest change in salary is in Leisure and Hospitality which drops from 596.3 to 306.1 for nonfarm payroll.​ This industry includes lots of face-to-face services, like tourism, hotel, restaurants, events, and conferences. Front desks or hotel managers in large companies might experience a smaller impact. It is those who are employed at smaller businesses like restaurants or travel agencies that are facing unemployment. 

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• People with lower educational backgrounds like less than a high school diploma or high school diploma are having an unemployment rate of 12% and 9%.