Utah (ABC4 News) – With so many industries taking a financial hit amid the coronavirus outbreak, employees across the state of Utah as well as the country found themselves seeking funds either from another job to stay afloat or leaning on unemployment benefits.
All states have now reopened at least partially as the spread of coronavirus cases in the U.S. has gradually decreased. The majority of Utah has entered the ‘yellow’ or low-risk phase as the beehive state looks to rebound the economy, job-seekers may be on the search for their next gig. Wallethub, a personal finance website finds that 73.5 million Americans plan to look for a job that is more pandemic-proof, according to the website’s most recent survey.
The survey examined Americans’ thoughts on the nation’s economic situation during and after the COVID-19 pandemic, including how comfortable people are with traveling and shopping in person, as well as how soon they think the U.S. will recover financially.
Wallethub says “it’s best that workers do what they know in the short run to get a job and get back on track, while in the long run working towards acquiring the education, experience, and skill necessary to transition to work they think is more stable.”
Some key stats the Wallethub survey found:
- Travel and dining will continue to take a hit until there’s a vaccine. Nearly 4 in 10 Americans won’t feel comfortable getting on an airplane until there is a vaccine (plus, 27 percent won’t feel comfortable staying in a hotel and 21 percent won’t feel comfortable dining out).
- Most Americans want a non-tax solution for recovery. Around 28 percent of Americans think that tax rates should increase to fund coronavirus recovery efforts.
- People view a full recovery in employment as far off. Almost 80 percent of Americans don’t think the unemployment rate will drop to pre-COVID-19 levels until at least the end of 2021, if at all.
During the COVID-19 pandemic, unemployment insurance claims are seeing record highs across the country, Wallethub says their report finds about 80% of Americans think unemployment will not return to normal until the end of 2021, if at all.
Even with a “pandemic-proof” or stable job, a Wallethub finance expert said “my feeling is that people recognize that more work is going to be performed remotely and they want more nearby amenities and no longer need to rent or own in high-cost areas. People might also be reacting to their perceived overreaction or lack of response to the coronavirus. Given all the economic uncertainty, I would hesitate to move. I think nearly all labor markets will be depressed while businesses figure out how quickly the economy will recover.”