The Impact of COVID-19 on Employment Ratio: Evidence from U.S and China

Abstract

With the increase in number of infected people worldwide, the impact of COVID-19 on the world has become increasingly severe. In this article, the data collected during the 2020s is used in order to investigate the impact of COVID-19 on the employment rate and analyze its reason using two distinct samples. To be specific, data from China and the US is selected to act as evidence to support the claim in the study. In addition, this research carried out some comparisons between the two cases. According to the analysis, the results have shown that both China has lost about 80 million jobs during the start of the pandemic and the US having about 14% job losses during the first season of 2022. If one looks at the huge population base, which both have an extremely high negative employment rate and most of the jobs are travel or service or capital construction related. However, as time gradually goes by China has recovered faster than the US, gaining most of the job loss back. Even though China’s economy is mainly based on the worker level, but since its quick and positive attitude in stopping the pandemic from spreading further its economics recovered soon. Nevertheless, since the US’s main economic body isn’t produced by workers, the attempt of raising the employment rate back to before seems not that much of a priority. These results shed light on guiding further exploration of policy implantation during pandemic.