Labor Market Trends During The COVID-19 Pandemic

• Published in: Informatica economica 2021-04, Vol.25 (2), p.50-63
• Main Authors: Pantelimon, Florin-Valeriu, Posedaru, Bogdan-Ştefan, Grigorescu, Elena-Aura, Plăcintă, Dimitrie-Daniel
• Format: Article
• Language: English
• Subjects: Coronaviruses; Correlation analysis; covid-19; COVID-19 vaccines; Disease transmission; Economic conditions; Evolution; GDP; Gross Domestic Product; Income distribution; Job openings; Labor; Labor market; Layoffs; Life expectancy; Mortality; Pandemics; Physical work; Professional activities; Recessions; Severe acute respiratory syndrome; Severe acute respiratory syndrome coronavirus 2; Unemployment
• ISSN: 1453-1305; 1842-8088
• DOI: 10.24818/issn14531305/25.2.2021.05

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 authorities-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 completely 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 conclusions, 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 correlation 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 ofjob loss by activity, interpreted the evolution of mobility based on Google data, explained the correlation between unemployment rate and the application of restrictive measures.