Labor Economics Journal - Covid Edition

The US lost 22 million jobs at the start of the pandemic. In the most recent jobs report (March), the US economy created 916,000 new jobs and pushed the unemployment rate down from 6.2% to 6%. With the economic recovery picking up steam, new questions arise. How even will the recovery be across ethnicities? Across industries? What issues will the recovery create? This pandemic has affected some groups more severely, so recoveries in those areas are particularly important to smooth the shock. The travel and hospitality industry was one of the worst hit by the pandemic and is still 3 million jobs short of pre-pandemic levels. Google search activity indicates that a summer travel boom is in the making, though, as resort and hotel searches are at decade highs. The gains of this summer will mainly be limited to vaccinated destinations though, leaving poorer, tourism-dependent countries behind. Tourism will bring jobs back to travel hub cities enduring an exodus of residents. Broadway, for e

In parallel with a historic spike in unemployment, the pandemic also turbo-charged the housing marking. The median house price in the US has boomed to record levels, exceeding its former 2006 peak. This surge has arisen from widespread work from home policies, lockdowns of city centers, and shifts to the outdoors. With the housing market being a strong source of dynamism for the economic recovery, it will boost construction and materials jobs, entrench remote work's prevalence, and possibly make city centers more affordable.  Work from home and greater affinity for space are some reasons why people are trying to purchase a home. On the other side of the equation, low interest rates designed to stimulate the economy have incentivized people to take out home and mortgage loans. The cohort of home-buyers is typically higher-income individuals with more flexible work conditions. For those moving from cities into rural areas, work from home options are a likely enabler. It is therefore