The US has a very devastating downturn after the pandemic and it is still unable to recover from it. Many are expecting that the economy will reopen and may come to normal this year. Though, the vaccination rate is faster as compared to other parts of the world. But, the country has still a long way to make it up. According to the back-to-normal index created by CNN, it was found that the index stood around 93%.
The index is made while considering so many factors like Job Posting, Unemployment claims, Hotel Occupancy and Air Travel. The index was measure during the time of the pandemic. But, according to the latest data, it shows that the US has still a long way to come into normal. Though various states are vaccinating their people faster. It will take a time to come back to normal. Today we will be discussing some of the major factors for normalcy.
Work
Many people are working from home and they might continue working from home. Similarly, some companies are telling their employee to return to the office. However, some companies are adjusting more remote work to prevent small outbreaks. As the virus is mutating all around the world and we often hear new kinds of virus every single week or months. Similarly, we still can see the small outbreak even in the vaccinated country.
This is why most of the companies are going more remote than coming normal. It is sure that the pandemic has the fundamental of the economy so do working style. In the future, we could see the new working styles in companies across the world.
Travel
Travel is another major factor included in the back-to-normal index. The vaccination rate across the US is increasing at a faster rate. As the vaccination rate across the world is increasing and many people are excited about the vacation as well. But, business travel might are less likely to happen. Many companies are making virtual meetings so there are very few chances that business travel normalcy.
The rate of unemployment is also high and the claim for unemployment benefit is also high. Employment is something that is also considered on the index. The unemployment rate is also high which needs to come down. States like California, New York, and Texas which were hardly hit by pandemics they are still recovering.
The US economy will surely come into normal but it has a lot to figure out before coming into normal. But, the country is heading towards new kinds of normal.
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