Recent data has shown that some business sectors may be impacted by the COVID-19 pandemic long after the pandemic ends.
According to the Dallas Regional Chamber, the unemployment rate – one of the most important economic indicators available because it signals the proportion of workers who actively want to be employed but are not currently attached to a job – continued to fall from a high of 14.7% in April to 8.4% last month. While unemployment rates are falling, the number of new jobs coming into being are slowing down.
"Data published by Harvard Professor of Public Economics Raj Chetty and his colleagues at Opportunity Insights revealed that both Dallas and Fort Worth are trending negatively in small business closures," the Dallas Regional Chamber reported. "As of August, the number of open small businesses in Dallas was 17% below normal and 18% below normal in Fort Worth. This follows initial hopeful indications ending in May that small businesses would continue reopening."
The small businesses sector is especially being hit by a high number of jobs being created and then destroyed due to impacts from the coronavirus pandemic. This leads many small businesses to permanently close.
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