Labor Market Trends During The COVID-19 Pandemic

Abstract

The COVID-19 pandemic has caused several disruptions in almost all day-to-day matters around the world. To keep things under control, ever since the beginning worldwide authori-ties-imposed restrictions in relation to physical activities and therefore, organizations were forced to rethink the way they carry out professional activities. Thus, most areas that were based on the physical interaction between people were severely impacted by these sets of measures. Unfortunately, a negative impact that the pandemic state has had over the fields that were based on physical work is that economic pressure has forced some of the entities to com-pletely suspend their activity, leading to high rates of unemployment around the world, which also led to consistent financial efforts sustained by the government. To gain relevant conclu-sions, we analyzed several datasets that offer insights over all aspects of the labor market around the world mainly before and during the pandemic period. We also computed a correla-tion matrix based on economic sectors to compare the effects in the labor market for various industries. We analyzed the evolution of unemployment rate from Romania, commented on the breakdown of job loss by activity, interpreted the evolution of mobility based on Google data, explained the correlation between unemployment rate and the application of restrictive measures.

Keywords

• covid-19
• labor market
• unemployment
• gdp